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Market Watch

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February gas futures sank 19.1¢ Monday to $3.067 per million Btu, with traders pushing the contract below $3 after the session's afternoon close. Cold temperatures are forecasts to descend on the country, but "there is some skepticism among gas market players that the Siberian airmass will extend far enough eastward to the major metropolitan areas of the Eastern Seaboard, which would be required to guarantee ample gas storage draws will be on the table in early February," Gelber & Associates said. The latest forecasts "featured a revision to the outlook that would usher in less cold conditions from the last few days of January until Feb. 4, while colder temperatures are still in focus for the period of Feb. 5-8." Until LNG exports resume via Freeport and cold weather materializes, "sellers may continue to pressure prices," the analysts said.

Topics:
Gas Demand, Gas Inventories, Gas Supply, Gas Prices, Gas Pipelines
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