NYMEX March gas dips on weaker-than-average storage withdrawal forecast

摘要

The NYMEX March natural gas futures contract inched slightly lower Wednesday, with expectations of a weaker-than-average storage withdrawal capping any potential upside from wintry weather. The front-month contract settled 1.1 cents lower at $1.861/MMBtu. It traded between $1.825/MMBtu and $1.884/MMBtu during the session. This is the 12th consecutive session prices have stayed below $2/MMBtu. The last time prices settled below $2/MMBtu for such a period was in 2016, when prices averaged $1.859/MMBtu between February 11 and April 18 that year. The market expects a draw of 126 Bcf from US storage facilities in the week that ended January 31, according to a consensus of analysts surveyed by S&P Global Platts Analytics. The five-year average for that week is 131 Bcf, US Energy Information Administration data shows. A mild winter so far and an extraordinary increase in production have left the market awash in supply.