May natural gas futures moved to the front of the curve for the first time Thursday and took a beating after a bearish storage print affirmed supply/demand imbalance concerns heading into shoulder season.
At A Glance:
- EIA posts big inventory increase
- Strong cooling demand on way
- Production remains off from highs
The May Nymex gas futures contract lost 8.0 cents day/day and settled at $2.104/MMBtu. June fell 9.0 cents to $2.358.
NGI’s Spot Gas National Avg. advanced 11.0 cents to $2.580, fueled by gains in the West. Prices, though, remained weak in most regions.
[How much more U.S. natural gas storage capacity is needed — and is it on the way? Join NGI’s Director of Strategy & Research Patrick Rau, as he dives into what’s around the corner in terms of natural gas...