After a three-day rally, Nymex May natural gas futures vacillated between gains and losses Wednesday. The contract reached a $1.906/MMBtu intraday high before settling at $1.841, down 2.1 cents day/day.

At A Glance:

  • May futures slip 2.1 cents
  • Storage report potentially supportive 
  • Cash prices up on near-term chill

NGI’s Spot Gas National Avg. was up 11.0 cents on the day at $1.615. Although a few scattered hubs moved lower on the day, the only regional average decline was the West TX/SE NM Regional Avg. down less than a penny. 

The market is turning attention to Thursday’s release of the latest U.S. Energy Information Administration (EIA) storage data. Expectations point to another bullish print for the week ended March 29.

The EIA reported a 36 Bcf withdrawal from...