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MTECHTIPS:-Natural gas futures rally 3% on hopes for hefty storage withdrawal

Thursday, March 12, 2015 2:05

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MTECHTIPS:-Natural gas futures rally 3% on hopes for hefty storage withdrawal

U.S. natural gas prices rallied sharply on Wednesday, as market participants looked ahead to fresh weekly information on U.S. gas inventories amid expectations for a hefty withdrawal. On the New York Mercantile Exchange, natural gas for delivery in April jumped 8.6 cents, or 3.17%, to trade at $2.818 per million British thermal units during U.S. morning hours. Prices traded in a wide range between $2.663 and $2.846. On Tuesday, natural gas for delivery in April rose 5.4 cents, or 2.02%, to settle at $2.732. Futures were likely to find support at $2.641 per million British thermal units, the low from March 3, and resistance at $2.870, the high from March 6. The Energy Information Administration’s next storage report slated for release on Thursday is expected to show a withdrawal of approximately 200 billion cubic feet for the week ending March 6. Supplies fell by 189 billion the same time last year, while the five-year average change for the week is a decline of 116 billion cubic feet. Total U.S. natural gas storage stood at 1.710 trillion cubic feet as of last week, 40.4% above year-earlier levels and 7.7% below the five-year average for this time of year. Last spring, supplies were 55% below the five-year average, indicating producers have mostly made up for last winter’s unusually strong demand. Despite recent gains prices are likely to remain vulnerable in the near-term as the coldest part of the winter has effectively passed and below-normal temperatures in March mean less than they do in January and February. Elsewhere on the Nymex, crude oil for delivery in April shed 44 cents, or 0.91%, to trade at $47.85 a barrel, while heating oil for April delivery declined 0.2% to trade at $1.809 per gallon. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 4.5 million barrels in the week ended March 6, compared to expectations for an increase of 4.4 million barrels. Total U.S. crude oil inventories stood at 448.9 million barrels as of last week, the most in at least 80 years. The report also showed that total motor gasoline inventories decreased by 187,000 barrels, compared to expectations for a drop of 1.7 million, while distillate stockpiles increased by 2.5 million barrels.

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