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Ahead of tomorrow’s EIA Natural gas futures continued to fall sharply.
May Nymex #natgas bounced back to $7.410 intraday high But settled Wednesday at $6.937/MMBtu, down 23.9 cents from Tuesday’s close.
June futures slid 21.2 cents to $7.065Market chatter of robust production growth late this year into 2023, according to Bespoke. “Modeled predictions are nice, but until we see those production gains show up, the risk remains skewed toward higher prices later this year.” An ultimate move back above $8.000 is “still very much in play,” it said.
A Bloomberg survey of five analysts showed injections as small as 28 Bcf to as high as 42 Bcf. The median build was 40 Bcf.
Reuters polled 14 analysts, whose injection estimates ranged from 17 Bcf to 50 Bcf, with a median increase of 37 Bcf.
A 42 Bcf injection was recorded in the same week last year, while the five-year average is also a 42 Bcf injection.
Total working gas in storage as of April 8 stood at 1,397 Bcf, which is 439 Bcf below last year and 303 Bcf below the five-year average.
Natural gas prices have been correcting around $6.8 Btu after spiking to over $8.0 Btu in the benchmark Henry Hub contract, prices not seen since Nove
[See the full post at: Into The Vortex – EIA Reports Natural Gas Storage Grew Larger Than Expected 53Bcf]
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