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Where Will Gas Go?

April 08, 2024

Man walks on unraveling path

Just when $2.00/mmbtu was in sight for the May contract, a weak underground storage report brought back the bears. After last week’s EIA report of an underwhelming withdrawal from storage, the Henry Hub NYMEX benchmark prompt immediately dropped 4% to $1.77/mmbtu. The June contract was above $2.00/mmbtu, only to slide back below that mark.

Maybe the late season chill, rain and snow across several states will provide a bid.  However, natural gas injection season is around the corner. And with above normal inventories likely at the start of this summer injection season, storage operators can reach end-of-season targets with smaller natural gas injections.

Commodity Trading Advisor Stephen Schork reports that we are just as likely to see an injection or withdrawal in the next EIA numbers.

Regardless of the direction, ENGIE reps are experts at translating your objectives into actionable supply solutions.