US natural gas futures declined as traders weigh warming outlooks stretching through the end of the month, decreasing the chance for a shot of cold weather to materialize and push up demand for the heating fuel.
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While storage levels are currently below the five-year average, traders are pricing in the “erasure” of that deficit within two weekly storage reports, Eli Rubin, senior energy analyst at EBW Analytics Group, wrote in a Wednesday note to clients.
- Futures for March delivery -5.3c, or -1.8%, to $2.978/mmbtu on Nymex, as of 8:45am ET
Weather:
- Above-normal temperatures were expected across the eastern half of the US through Feb. 22, with mostly normal weather expected the following week: Commodity Weather Group
- See WHUT for a map of latest 6-10 day weather forecast: NOAA
- Click here for two-week temperature forecasts for the U.S.
Daily BNEF Gas Data:
- Lower-48 dry gas production on Wednesday ~114.0 bcf/day, or +8.9% y/y
- Lower-48 total gas demand on Wednesday ~85.0 bcf/day, or -31.4% y/y
- Dry gas exports to Mexico on Wednesday ~6.6 bcf/day, or -12% w/w
- Estimated gas flows to LNG export terminals on Wednesday ~19.9 bcf/day, or +2.5% w/w
Gas Market News:
- European Gas Prices Fluctuate as Higher Imports Help Meet Demand
- US Power Generation Reaches Two-Decade High: BNEF Chart
- Natural Gas Deliveries to US LNG Export Terminals: BNEF
Disclaimer
This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified financial experts before making any investment or trading decisions.
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