Utilities withdrew 23 Bcf of natural gas from storage for the week ended March 31, the U.S. Energy Information Administration (EIA) reported Thursday. The result was essentially on par with market expectations, leaving Nymex natural gas futures to drift lower.

At A Glance:

Natural gas futures, under heavy pressure most of 2023 amid mild weather and strong production, found a path forward for a second consecutive session on Wednesday as traders focused on export strength and expectations for a bullish inventory report. 

The May Nymex gas futures contract settled at $2.155/MMBtu, up 4.9 cents day/day. June gained 3.7 cents to $2.381.

NGI’s Spot Gas