East Daley Analytics forecast natural gas prices lingering just above $4.20 for March and April. (Source: Shutterstock)
The U.S. Energy Information Administration (EIA) documented a large 261 Bcf withdrawal from the Lower 48’s natural gas storage, in line with estimates following the cold snap for the week ending Feb. 20.
According to the EIA’s weekly storage report, natural gas levels are 238 Bcf below the five-year average and 561 Bcf below the level from the same time last year.
Natural gas markets showed a slight lift on the news. The Henry Hub front-month futures price rose back above $4/MMBtu in early trading on Feb. 27, after spending most of the week below $4 as forecasts called for warmer weather.
East Daley Analytics forecast natural gas prices lingering just above $4.20 for March and April.
“Generally speaking, we forecast tighter market conditions for the balance of the shoulder season as more non-intermittent LNG feed gas demand takes on a larger share of overall gas demand,” the company wrote in an analysis on Feb. 27.
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