LONDON (Commodity Online): Natural Gas prices suffered corrections across the curve despite the incrementally colder weather outlook on Wednesday.
The prompt contract tumbled, falling eight cents, to $3.57/MMBtu. The rest of the curve was also dragged down by the front, with the balance of calendar 2012 finishing six cents lower, to $3.77.
Calendar 2013 shaved off four cents, to $4.36. The weather forecast in the morning turned colder for the 6-15 day period.
The noon update, on the other hand, showed some risks for above-normal weather to persist in the East during the 6-10 day period, balanced by an extremely cold spell expected for the Northwest. However, the overall 11-15 day outlook was colder than previously forecasted.
The consensus for Thursday's weekly storage number ranges from a net withdrawal of 5 Bcf to a net injection of 18 Bcf. The market average stands roughly at 9 Bcf.
Cash prices mostly pushed up reflecting, the expected colder weather in the short term. Henry surged by 14 cents, to $3.53, while Socal Border rose 17 cents, to $3.74. Transco-Z6 finished at $4.12, up 41 cents.
