February 4, 2022 – Natural Gas Intelligence
Natural Gas Futures Plunge as Mid-February Cold Loses Intensity; Cash Down
By: Leticia Gonzales
After a wild ride that sent March natural gas beyond the $5.50 mark midweek, futures tumbled in grand fashion Thursday as a deep freeze blanketed two-thirds of the United States. Disappointing inventory data added salt to the bulls’ wounds, and the March Nymex futures contract finished the day 61.3 cents lower at $4.888/MMBtu. April slid 32.4 cents to $4.720.
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RBN Energy LLC analyst Jason Ferguson said Permian Basin production early Thursday had fallen to around 10.5 Bcf/d from 14 Bcf/d Wednesday.
Speaking on The Desk’s online energy chat Enelyst, IHS Markit analyst Jason Lee said he expects weather’s impact on output to “run a bit deeper over the weekend, particularly in the Permian.” He noted that temperatures were forecast to plunge to around 12 degrees in Midland, TX, overnight.
