One day removed from choppy price action along the Nymex natural gas futures strip, May prices forged ahead midweek. With traders looking ahead to a smaller-than-normal increase in storage inventories, the prompt-month contract soared to a $7.005/MMBtu intraday high before settling Wednesday at $6.997, up 31.7 cents on the day. June futures rallied 33.3 cents to $7.096.

eia gas storage

At A Glance:

  • BREAKING: U.S. EIA reports 15 Bcf storage injection
  • 300 Bcf deficit seen lasting through April
  • Cash rallies on approaching cold snap

Spot gas prices also strengthened as cold, snowy conditions out West were heading east. NGI’s Spot Gas National Avg. climbed 16.0 cents to $6.525.

Futures prices were strong out of the gate Wednesday morning, with production remaining soft because of various...