Wednesday, February 27, 2013

Natural Gas Reverses, Gives Up All Morning Gains

Following up on this morning's "Natural Gas Goes Vertical After Gapping Higher" here's the action thus far:


And from

Natural Gas flat as market prices in cold weather forecasts
Natural gas futures traded largely flat on Wednesday as investors priced in colder-than-expected weather forecasts settling in for much of the country, locked in gains and then sold for profits.

On the New York Mercantile Exchange, natural gas futures for delivery in April traded at USD3.457 per million British thermal units, up 0.01%.

The commodity hit a session low of USD3.433 and a high of USD3.553.
Unseasonably cold weather is making its way towards the heavily populated central and eastern portions of the country, fueling talk March temperatures may average colder than normal before warmer weather patterns return in the spring....MORE
...Early withdrawal estimates range from 120 billion cubic feet to 173 billion cubic feet. Inventories fell by 106 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 118 billion cubic feet....
Well, now that we've got that nailed down...