Natural Gas dropped to 10-year lows after a supplies report showed a lower-than-expected weekly decline. Natural gas dropped over 4 cents, or 2.0%, to $2.256. It had traded around $2.41 before the report. The Energy Information Administration reported a decline of 80 billion cubic feet for the week ended March 2. Analysts polled by Platts had expected declines between 82 bcf and 86 bcf for the week. Natural Gas has been falling steadily looking for a bottom as winter comes to an end.
The U.S. Energy Information Administration's weekly report showed that natural gas storage in the U.S. in the week ended March 2 fell by 80 billion cubic feet, after declining by 82 billion cubic feet in the preceding week. Analysts had expected U.S. natural gas storage to drop by 86 billion cubic feet.
Inventories fell by 63 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 92 billion cubic feet, according to U.S. Energy Department data.
Total U.S. natural gas storage stood at 2.433 trillion cubic feet as of last week. Stocks were 739 billion cubic feet higher than last year at this time and 792 billion cubic feet above the five-year average of 1.641 trillion cubic feet for this time of year. (from the EIA statement )
Economic Events: (EST)
- Heating Oil & Propane Update (October-March) Heating Oil, Propane Residential and Wholesale Price DataRelease Schedule: Wednesday at 1:00 p.m. EST
- Weekly Coal ProductionRelease Schedule: Thursday by 5:00 p.m. EST
- Weekly NYMEX Coal FuturesRelease Schedule: Monday by 5:00 p.m. EST
- Natural Gas Weekly UpdateRelease Schedule: Thursday between 2:00 and 2:30 p.m. (Eastern Time)
- Weekly Natural Gas Storage ReportRelease Schedule: Thursday at 10:30 (Eastern Time) (schedule)
Natural Gas Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3