Natural gas wholesale contracts edged higher for the second session in a row on Wednesday, hitting the strongest level since early February as traders continued to monitor shifting early-spring weather forecasts.
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Natural gas for May delivery rose to a daily peak of $3.231 and settled there yesterday, a level not seen since February 1.
Weather systems will track across the country the next several days with rain, snow, and thunderstorms, but with limited cold air as they play out spring-like, according to forecasters at NatGasWeather.com.
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There remains potential for a bit colder system from April 7 through the 10th and will be dependent on how a weather system tracking over the southern U.S. phases with a cold blast over the Midwest. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting forecasts on early-spring demand.
The heating season from November through March is the peak demand period for U.S. gas consumption. Nearly 50% of all U.S. households use gas for heating.
See a recap of previous weeks EIA storage reports here.
EIA Natural Gas Storage Report 03-30-17
Working gas in storage was 2,049 Bcf as of Friday, March 24, 2017, according to EIA estimates. This represents a net decrease of 43 Bcf from the previous week. Stocks were 423 Bcf less than last year at this time and 250 Bcf above the five-year average of 1,799 Bcf. At 2,049 Bcf, total working gas is within the five-year historical range.
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Analysts said utilities likely pulled 42 billion cubic feet from storage during the week ended on March 24. As of 10:32 ET, natural gas futures were trading lower by 1.1% to $3.197.
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