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BREAKING: U.S. EIA reports smaller-than-expected 171 Bcf withdrawal from natural gas storage inventories for week ending Feb. 5 Deep freeze stalls, boosting late-February demand as polar air seen slow to exit Cash mounts multi-dollar gains amid sub-zero temperatures Intraday natural gas price volatility was on full display midweek as traders assessed the impacts of a substantial, though likely temporary, decline in export demand and the potential for a more moderate end-of-February following some of the coldest weather in years. After tumbling to a $2.741/MMBtu intraday low, the March Nymex gas futures contract bounced and eventually settled 7.6 cents higher at $2.911. April tacked on 5.6 cents to reach $2.879. Spot gas prices mounted some of the largest gains in years as the frigid air penetrating the north/central United States stalled, leaving large population centers to bear sub-zero temperatures. NGI’s Spot Gas National Avg. climbed $1.040 cents to $4.835. Weather model fluctuations are nothing new, but when it’s the dead of winter and a polar vortex has plunged into the Lower 48, gas traders take notice. So it’s no surprise that March futures trading has been erratic in recent days. On Wednesday, the prompt month fell early as overnight weather […]
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