US Natgas Futures Hover Around $3 Mark As Supply Continues to Outstrip Demand

摘要

US February natural gas futures tumbled below $3 again last week, hitting a fresh 10- year low for the February contract after an un- expectedly small storage withdrawal expanded an already record mid-winter storage surplus. The anemic storage withdrawal — 30 bil- lion cubic feet under the five-year average — also cut the legs out from under an emerging winter rally as the market began to price in forecasts for much colder weather by mid- month. However, that rally appeared to re- gain steam on Friday as prices advanced back above $3/MMBtu. But whether the market can hold the gain is anyone’s guess.