$2.7950 last, down 3.3 cents.
Our thesis for this heating season is average heating degree days overwhelmed by supply.
We're going lower.
Today's action via FinViz:
NatGas Bounce Hinges On March Weather As Inventory Surplus Grows
Natural gas inventories fell by 111 bcf last week, close to expectations.
Natural gas was last trading down by 1.5 percent to $2.79/mmbtu after the Energy Information Administration reported that operators withdrew 111 billion cubic feet from storage last week, within expectations which ranged from 109 to 111 bcf.
The latest withdrawal was below last year’s withdrawal of 250 bcf and below the five-year average withdrawal of 193 bcf.
In turn, inventories now stand at 2,157 bcf, which is 714 bcf above the year-ago level and 82 bcf above the five-year average (calculated using a slightly different methodology than the EIA).
The weather last week was warmer than seasonal norms.
According to the Edison Electric Institute, utilities generated 77,635 GWh in the week ending Feb. 14, down 6.9 percent from a year ago.
Looking forward, the NOAA’s 6- to 10-day outlook calls for much colder-than-normal temperatures across much of the country.
NOAA 6- TO 10-DAY OUTLOOK
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