Natural gas futures were poised to extend their decline for a third straight day after the latest government inventory report showed a bigger-than-expected increase in storage levels for mid-April. A pop late in Thursday’s session, however, lifted the May Nymex gas futures contract to $6.957/MMBtu, up 2.0 cents day/day. June futures tacked on 3.0 cents to hit $7.096.

eia storage

At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

Spot gas prices, meanwhile, continued to decrease across much of the country outside of the Northeast, where strong demand resulting from chilly temperatures continued. NGI’s Spot Gas National Avg. fell 13.0 cents to $6.565.

The U.S. gas market has become accustomed to dramatic intraday swings along the Nymex...