LONDON (Commodity Online): Natural Gas prices edged slightly higher on the day as the market expecrs Thursday's EIA storage report. The prompt contract added two pennies to $2.64/MMBtu. The balance of calendar 2012 pushed up a penny to $3.06.
Calendar 2013 rose by three cents to $3.84. The back of the curve, on the other hand, had much great gains with calendar 2014 and calendar 2015 up by six cents and seven cents, respectively.
Despite the small gain at the front of the curve, the weather forecast on the day showed incremental warmth for the Eastern half of the region for the 11-15 day period. The market will be keeping a close eye on Thursday's storage withdrawal number.
The consensus is for inventory to withdraw 164 Bcf, much greater than that of the same week last year. The weather was much colder for the week ending on February 17 this year than the similar week last year.
Cash prices mostly fell with Henry Hub down by three cents to $2.58. SoCal Border added one cent to $2.81.Transco-Z6 (NY) dropped six cents to $2.88.
