EIA says us gas storage stocks decline 64 Bcf last week

摘要

Houston—US natural gas storage stocksremain at record-high levels for this timeof year as the Energy Information Admin-istration on March 15 reported a 64 Bcfwithdrawal to 2.369 Tcf for the week endedMarch 9.The withdrawal was above consensusexpectations of a pull between 56 Bcf and60 Bcf.BNP Paribas analyst Teri Viswanathnoted, however, that “very little buying mate-rialized” on the NYMEX gas futures contract following the report’s release, “possibly dueto the prospect of waning weather-relateddemand.”“With March gas-weighted heatingdegree days registering a shortfall in excessof 30% of normal, we suspect that the lastfew weeks of winter demand will have littleimpact on the direction of prices. Instead,we question whether the developing air-conditioning demand will prove significantenough to stem the current sell-off,” Viswa-nath added.