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The EIA raised its projected end-March natural gas storage carryout to over 1.9 Tcf and cut its 2023 Henry Hub forecast to about $3.00/MMBtu. Residential and commercial demand is on track to fall 11% year on year in the first quarter.
A large storage surplus and sharply lower price outlook signal weak gas costs through 2023, which lowers fertilizer and energy input expenses for feed producers.
naturalgasintel.comJeremiah ShelorMar 9, 2023After 62 past bearish report events, Natural Gas moved a median -3.0% over 5 sessions (42% higher; middle half -7.6% to +4.6%), and -0.5% over 20.
After 42 past bearish report events, Urea moved a median +0.3% over 5 sessions (57% higher; middle half -1.9% to +3.3%), and +2.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
