- Currently, we expect the EIA to report a draw of 189 bcf this week (a final estimate will be released on Wednesday).
- Annual storage surplus is projected to shrink by 144 bcf by February 19.
- Our storage level outlook is still bullish vs. market expectations.
- If the latest weather forecast remains unchanged, total natural gas demand in the U.S. will edge down by 0.7 bcf/d y-o-y over the next two weeks.
- Fundamentally, the Feb. contract may drop below $2.560, but should probably stay above $2.510 per MMBtu.
For further details see:
Natural Gas: Storage Level Outlook Remains Bullish (Despite The Weather)