Not surprisingly, natural gas prices were tracking sharply higher for May baseload delivery as a sluggish start to the storage injection season has fueled supply concerns, according to NGI’s Bidweek Alert.

Lingering cold weather throughout April, with more on the way, has kept power burns robust at a time of year when demand typically falls. Instead, heating loads have come in higher than normal, preventing a meaningful improvement to storage deficits.

As of April 15, total working gas in storage stood at only 1,450 Bcf, which is 428 Bcf lower than last year at this time and 292 Bcf below the five-year average, according to the Energy Information Administration.

With more chilly weather expected this week and continuing through early May, heftier storage injections may not...