March gas futures fell to earth Wednesday, plummeting 6.3% to close just under $3 per million Btu. An EcomEnergy analysis anticipated the fall, noting that a failed attempt to hit resistance on Tuesday would precipitate a test of support. The prompt month plunged 20￠ to close at $2.995/MMBtu and traded in a very wide range from $2.96 to $3.183. The front month has not seen a $2 handle since Jan. 10. Weighing on the market is last week's milder weather, strengthening production and reduced LNG demand. "This is relieving some of the pressure on prices as storage has time to recover and near record production levels look poised to confront the next round of cold," Gelber & Associates analyst Daniel Myers said.
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