U.S. Natural Gas Weekly – February 18, 2011

February 18th, 2011 by Belisarius

(For The Week Ending February 11, 2011)

Working gas in storage fell 233 Bcf from previous week. The consensus was at 235 Bcf.

Storage level is 114 Bcf lower than same time year ago.

Heating season is nearing its end, the market is well supplied, so no fundamental reasons for natural gas price recovery.

Reason for price falling in recent week were milder weather forecasts. Technically natural gas is oversold, s I would not exclude price rebound despite unfavorable storage numbers.

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