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The EIA reported a 221 Bcf drawdown from US gas storage in the week ended Dec. 30, leaving inventories about 7% below the five-year average.
The withdrawal was slightly smaller than the S&P Global consensus of 235 Bcf, and NYMEX February gas fell to the $3.70s per MMBtu.
A storage report that undershot expectations was bullish on fundamentals but failed to support prices as mild weather outlooks dominated. The price effect points to continued weakness in natural gas unless colder forecasts return.
spglobal.comJan 5, 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.
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.
