Natural Gas Price Swings are Off the Charts
From Market Watch
By Myra P. Saefong
The big, volatile moves natural-gas prices have made since the start of the year are far from normal. Then again, so are U.S. storage levels, which look poised to hit a decade low by the end of the winter-heating season.
A report from the U.S. Energy Information Administration on Thursday showed that supplies of natural-gas in underground storage dropped to 1.686 trillion cubic feet for the week ended Feb. 7. That’s the lowest total storage level since the first week of April 2013, and it’s also the lowest storage figure for the second week of February since 2004.
The winter-heating season doesn’t officially come to a close until the end of March (though spring begins on March 20) and by then, overall supplies could sink to just 1 trillion cubic feet, according to one analyst’s estimate. That would be the lowest total level in almost 11 years.
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