ANL 35.31 Decreased By ▼ -0.69 (-1.92%)
ASC 14.75 Increased By ▲ 0.05 (0.34%)
ASL 26.00 Increased By ▲ 0.30 (1.17%)
AVN 89.10 Decreased By ▼ -0.40 (-0.45%)
BOP 7.77 Increased By ▲ 0.03 (0.39%)
BYCO 10.05 Decreased By ▼ -0.03 (-0.3%)
DGKC 122.65 Decreased By ▼ -1.15 (-0.93%)
EPCL 58.20 Increased By ▲ 0.05 (0.09%)
FCCL 23.88 Decreased By ▼ -0.17 (-0.71%)
FFBL 28.75 Decreased By ▼ -0.40 (-1.37%)
FFL 15.63 Decreased By ▼ -0.12 (-0.76%)
HASCOL 9.60 Decreased By ▼ -0.05 (-0.52%)
HUBC 79.14 Increased By ▲ 0.39 (0.5%)
HUMNL 6.41 Decreased By ▼ -0.03 (-0.47%)
JSCL 20.80 Decreased By ▼ -0.40 (-1.89%)
KAPCO 39.90 No Change ▼ 0.00 (0%)
KEL 3.78 No Change ▼ 0.00 (0%)
LOTCHEM 16.60 Decreased By ▼ -0.08 (-0.48%)
MLCF 46.00 Decreased By ▼ -0.31 (-0.67%)
PAEL 35.56 Decreased By ▼ -0.09 (-0.25%)
PIBTL 10.34 Increased By ▲ 0.12 (1.17%)
POWER 9.28 Increased By ▲ 0.09 (0.98%)
PPL 85.90 Decreased By ▼ -0.33 (-0.38%)
PRL 24.72 Decreased By ▼ -0.18 (-0.72%)
PTC 9.90 Decreased By ▼ -0.01 (-0.1%)
SILK 1.26 Increased By ▲ 0.02 (1.61%)
SNGP 41.63 Decreased By ▼ -0.37 (-0.88%)
TRG 165.10 Increased By ▲ 1.80 (1.1%)
UNITY 30.40 Increased By ▲ 0.02 (0.07%)
WTL 1.56 Increased By ▲ 0.02 (1.3%)
BR100 4,874 Increased By ▲ 12.26 (0.25%)
BR30 25,700 Increased By ▲ 11.25 (0.04%)
KSE100 45,306 Increased By ▲ 75.45 (0.17%)
KSE30 18,538 Increased By ▲ 28.18 (0.15%)

Coronavirus
VERY HIGH
Pakistan Deaths
16,094
11224hr
Pakistan Cases
750,158
497624hr
Sindh
271,524
Punjab
264,010
Balochistan
20,760
Islamabad
68,906
KPK
104,480

NEW YORK: US natural gas futures fell more than 4% on Thursday, snapping a three-day gaining streak, as a smaller-than-expected storage draw last week and forecasts for a reprieve from an Arctic blast weighed on prices.

Front-month gas futures fell 13.7 cents, or 4.3%, to settle at $3.082 per million British thermal units. In the previous session prices hit their highest since Nov. 2 at $3.316 per mmbtu.

The US Energy Information Administration (EIA) forecast US utilities pulled 237 billion cubic feet (bcf) of gas from storage during the week ended Feb. 12.

That was lower than the 252-bcf draw analysts forecast in a Reuters poll, but above a decrease of 141 bcf in the same week last year and a five-year (2016-2020) average withdrawal of 142 bcf.

The data covers the period that ended Friday, just before blistering cold and snow hit most of Texas, New Mexico and other big energy producing areas, shuttering millions of barrels of production and refining output.

“The market has experienced some terrific pricing in the cash market because of the cold in the US. The market has already got into the bullish mode, but the storage report is sort of negative and we got a tug-of-war between the bear and the bull,” said Thomas Saal, senior vice president of energy at StoneX.

He said this week’s draw, announced next Thursday, would likely be a big number although it could be offset by forced blackouts in Texas and Oklahoma.

“Last week’s weather was cold but not as much as it is now.”

Texas produces the most gas - almost a quarter of the US total. It is also the biggest consumer of gas in the nation, accounting for about 15% of the total, and it exports more gas to other states and nations than it pulls in.

Natural gas production in the Lower 48 US states fell to 72.9 billion cubic feet per day (bcfd) on Wednesday, its lowest since August 2017, according to Refinitiv data. On Thursday, preliminary data from Refinitiv showed output is expected to edge up to 73.5 bcfd.

Refinitiv estimated 397 heating degree days (HDDs) over the next two weeks in the Lower 48 US states, down from Wednesday’s forecast of 401 HDDs.