• Natural gas futures continue rallying through midday after supportive government inventory data
  • April Nymex futures up 7.7 cents to $1.735/MMBtu as of 2:13 p.m. ET; May up 7.2 cents to $1.856
  • U.S. Energy Information Administration (EIA) reported 9 Bcf withdrawal for week ended March 8, tighter versus estimates but loose versus historical norms
  • Per Gelber & Associates: Despite gains following EIA release, “from a larger context the storage picture is effectively unchanged”
  • Surplus to five-year average swells to 629 Bcf; Lower 48 storage at 2,325 Bcf, above five-year range
  • Per Wood Mackenzie’s Eric McGuire: Balances post-EIA report point to higher power burns resulting from “gas ramping up to replace lower nuclear generation for the week in question”
  • “Compared to degree days and...