NYMEX March natural gas futures settled 3.3 cents lower at $3.246/MMBtu Thursday despite a 127-Bcf storage draw that was above analysts' expectations.
"Bulls were unable to push through resistance ... for a second day and it now looks as if bullish traders are exiting their positions ceding control to the bears," noted Gelber & Associates analyst Aaron Calder.
ICAP Energy Vice President Drew Wozniak noted that "the weather has been moving warmer" in the US National Weather Service short-term forecasts. It released its forecast for March showing above-average temperatures across the western half of the US in the next two weeks.
"Meteorologists are seeing an end in sight to the pervasive cold temperatures and market participants do not seem particularly concerned about an extended winter," noted Calder.
The March contract has traded between $3.231/MMBtu and $3.337/MMBtu.
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