NYMEX Natural Gas Futures Contract Prompt month Mar23 +US$0.14/MMBtu at 2.314. Spring 23 +$0.134, Winter 23 +$0.107.
Market Fundamentals Another green day across the board, the main news today was another rather bearish U.S. EIA storage report, that saw a small dip in the day before prices continued to climb. For the week ending February 17th, 2023, a withdrawal of 71 Bcf was recorded for the Lower-48, further increasing the now existing storage surplus. Inventories now sit 395 Bcf higher than last year and 289 Bcf above the five-year average of 1,906 Bcf. The balance continues to test the maximum volume recorded over the past five-years, a deep contrast to the situation last year. ~CL