Natural gas is up by 5.03%

US natural gas futures rose more than 4% to above $3.1 per MMBtu on Friday, driven by forecasts of a cold front hitting the Northeast this weekend. Considering the full week however, natural gas prices in the US are down almost 4%, as rising output and smaller than normal storage withdrawals eased tightness in the market. Average production in the Lower 48 states climbed to 108.7 billion cubic feet per day so far in February, up from 106.3 bcfd in January, approaching December’s record of 109.7 bcfd. The US Energy Information Administration reported a 144 bcf withdrawal for the week ended February 13, slightly below the five-year average and last year’s 182 bcf. Stocks remain about 6% below normal but analysts expect most of the deficit to be erased by early March as mild weather keeps heating demand low. Average flows to eight US LNG export plants rose to 18.6 bcfd in February, near December’s record.

Natural gas increased 5.03% to 3.1467 USD/MMBtu

US natural gas futures held around $3.0 per MMBtu, near a four-month low, as rising output and smaller than normal storage withdrawals eased tightness in the market. Average production in the Lower 48 states climbed to 108.7 billion cubic feet per day so far in February, up from 106.3 bcfd in January, approaching December’s record of 109.7 bcfd. The US Energy Information Administration reported a 144 bcf withdrawal for the week ended February 13, slightly below the five-year average and last year’s 182 bcf. Stocks remain about 6% below normal but analysts expect most of the deficit to be erased by early March as mild weather keeps heating demand low. Average flows to eight US LNG export plants rose to 18.6 bcfd in February, near December’s record, while forecasts show temperatures will stay mostly warmer than normal through early March.