Last Updated : 23 February 2013 at 13:30 IST
US Natural Gas spring prices to be 'reasonably controlled' on robust storage: Barclays
Source :Barclays
Prices should not visit last year’s dip caused by storage anxieties weighing on prices. “We are constructive on summer prices as lower hydro generation forecasts and declining production expectations lend support to the market,” Barclay's pointed.
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LONDON (Commodity Online): Natural Gas storage in United States is deemed to end March at a comfortable level, rather than the 60% full status last year and it is expected that spring prices would be reasonably controlled, stated a weekly market outlook by Barclays.
Prices should not visit last year’s dip caused by storage anxieties weighing on prices. “We are constructive on summer prices as lower hydro generation forecasts and declining production expectations lend support to the market,” Barclay's pointed.
Winter is almost over and Barclays doesn't forecast much of a change in natural gas prices. Storage at the end of the withdrawal season cannot deviate too much from Barclays' expectation of 1.9 Tcf regardless of the weather.
Natural gas prices welcomed a slightly bigger-than-consensus storage withdrawal by edging higher on Thursday morning. Storage withdrew 127 Bcf, only three Bcf more than the consensus of 124 Bcf. The East took out 79 Bcf, while the West gave away 13 Bcf. The producing region withdrew 35 Bcf.
Nevertheless, for the first time this year, the storage deficit to last year narrowed as the week in reference was significantly warmer than the same week last year. However, Barclay's doesn't expects this trend to continue because the next three weeks are expected to be colder than normal.
