Depending upon whom you ask, natural gas prices may be heading to under $2.00 per mmBTU. The Nymex front-month contract for natural gas is now March and the price settled down just over 4% at $2.425/mmBtu. You know the story, a lack of an energy policy in America along with a growing and growing supply. Can any more natural gas even get stored anywhere? The United States Natural Gas Fund (NYSE: UNG) is currently down about 3.7% at $5.18 with a 52-week range of $4.98 to $12.64.
Overall the U.S. has had a mild winter and that has lowered demand for natural gas. Much of the gas is produced alongside with oil coming out of the ground. Is it fair to wonder if we will run into a storage problem for gas? Some oil companies are simply burning the natural gas off and keeping the oil.
Today’s pricing just set up a very weak expectation for supplies of nat-gas due at 10:30 AM EST on Thursday morning. We are expecting a build in Thursday’s nat-gas data.
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