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Natural Gas Slid On Rising, Near-Record Output.
Natural gas faced downward pressure, settling with a decline of -1.11% at 133.6, primarily driven by near-record output and a smaller-than-expected storage withdrawal last week.
US utilities withdrew 49 billion cubic feet of natural gas from storage during the week ending February 9, 2024, falling short of market expectations for a 67 bcf draw due to warmer-than-normal weather limiting heating demand.
This contrasts with a more substantial decrease of 117 bcf during the same week last year and a five-year average decline of 119 bcf for this time of year.
