Natural gas futures continued to retreat sharply midweek in yet another display of the market being largely disengaged from fundamentals. After bouncing back to a $7.410 intraday high, the May Nymex gas futures contract settled Wednesday at $6.937/MMBtu, down 23.9 cents from Tuesday’s close. June futures slid 21.2 cents to $7.065.

eia storage

At A Glance:

  • BREAKING: U.S. EIA reports 53 Bcf storage build
  • Upside still in play until output climbs
  • Warmer weather sinks cash

Spot gas prices also continued to soften, with the coldest weather that slammed the East Coast this week now in the rearview mirror. NGI’s Spot Gas National Avg. dropped 27.0 cents to $6.695.

After the meteoric rise over the past month and a half, a pullback in Nymex futures was expected. However, after losing 64...