As one of the sharpest analysts I've ever met once said:
A trend is emerging
All together now gang: "Average temperatures and massive supply".
March's, $2.600.
From Hard Assets Investor:
Natural gas inventories fell by 115 bcf last week, below expectations.
Natural gas was last trading down by more than 2 percent to $2.60/mmbtu after the Energy Information Administration reported that operators withdrew 115 billion cubic feet from storage last week, at the low end of the 112 to 122 bcf range of analyst estimates.
The latest withdrawal was below last year’s withdrawal of 262 bcf and below the five-year average withdrawal of 152 bcf.
In turn, inventories now stand at 2,428 bcf, which is 505 bcf above the year-ago level and 23 bcf below the five-year average (calculated using a slightly different methodology than the EIA).
