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Natural Gas Futures Slip After Bearish Storage Surprise

Natural Gas Intelligence · last updated

The U.S. Energy Information Administration (EIA) on Thursday reported an 80 Bcf net withdrawal of natural gas from storage for the week ended Feb. 28.

Natural Gas Intelligence's (NGI) U.S. Energy Information Administration natural gas storage chart.

The result, which was bearish versus market expectations and the five-year average decline, caused April Nymex gas futures to drop further amid a selloff that was already underway.

Fresh off a three-day rally, the prompt month was down 10.1 cents at $4.349/MMBtu in the minutes leading up to the EIA print. Immediately following the 10:30 a.m. ET report, the April contract weakened to $4.307, down 14.3 cents from Wednesday’s settlement.

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