Leticia Gonzales

The U.S. Energy Information Administration (EIA) reported a 109 Bcf natural gas storage injection for the week ending May 1, on the high end of market estimates, but on the money with NGI’s projection.

In one fell swoop, natural gas futures on Wednesday erased all of the previous day’s gains resulting from a pipeline explosion on one of the Lower 48’s oldest natural gas pipelines. With much of the impacted production on that line being rerouted, the June Nymex gas futures contract plunged 19.0 cents to settle at $1.944. July tumbled 14.1 cents to $2.171.

Despite erratic swings throughout the week, natural gas forward prices eventually stabilized as the calendar flipped to May as states across the country started to reopen amid the coronavirus pandemic. Despite ongoing uncertainty about continued economic recovery as well as liquefied natural gas (LNG) demand, June natural gas prices averaged only a penny lower for the April 30-May 6 period, according to NGI’s Forward Look.

After some back and forth, bears prevailed in the battle for control of natural gas futures on Thursday as the first in an expected string of triple-digit storage injections was reported by the Energy Information Administration (EIA). The June natural gas neared the $2.00/MMBtu mark early, but then eventually settled 5.0 cents lower day/day at $1.894. July slipped 4.4 cents to $2.127.

Natural gas futures raced higher Tuesday as traders assessed overnight news of a pipeline explosion and the resulting drop in production. The June Nymex gas futures contract breezed past the $2/MMBtu mark to settle 14.1 cents higher day/day at $2.134. July jumped 8.2 cents to $2.312, while smaller gains were seen through October with modest losses beyond that.

Crestwood Equity Partners LP is offering incentive rates across its midstream portfolio in order to generate revenue, but management expects the natural gas liquids (NGL) storage and rail-to-truck liquid petroleum gas (LPG) terminal assets that it recently acquired to be the largest contributor to a projected 3% year/year increase in earnings this year.

In one fell swoop, natural gas futures on Wednesday erased all of the previous day’s gains resulting from a pipeline explosion on one of the Lower 48’s oldest natural gas pipelines. With much of the impacted production on that line being rerouted, the June Nymex gas futures contract plunged 19.0 cents to settle at $1.944. July tumbled 14.1 cents to $2.171.

Coming off a mild winter, weather models that showed chilly weather lingering a bit longer aided a rebound for natural gas futures to start the week. Reinforced by a sustained drop in production that first showed up at the end of last week, the June Nymex gas futures contract climbed 10.3 cents to settle Monday at $1.993. July rose 9.6 cents to $2.230.

Natural gas futures raced higher Tuesday as traders assessed overnight news of a pipeline explosion and the resulting drop in production. The June Nymex gas futures contract breezed past the $2/MMBtu mark to settle 14.1 cents higher day/day at $2.134. July jumped 8.2 cents to $2.312, while smaller gains were seen through October with modest losses beyond that.