Obese

The natural gas storage situation went from overweight to obese in the span of one week as the Energy Information Administration (EIA) reported Thursday morning that a mere 38 Bcf was withdrawn from underground stores for the week ended Feb. 3. As it turns out, that was enough to overcome the bullish forecasts for a severe winter storm in the East this weekend, leaving the March natural gas contract to trade down to a new six-month futures low at $7.300 before settling at $7.479, down 25.6 cents from Wednesday.