As the global oil supply glut grows, Russia has not yet climbed on board of OPEC’s production cut agreement extension. (Click to enlarge) (Click to enlarge) Chart of the Week (Click to enlarge) • At the end of March, U.S. natural gas storage levels stood at 2,051 billion cubic feet (Bcf), or about 15 percent above the five-year average. • Storage levels tracked average levels for most of the winter, but mild weather in February and March caused inventory drawdowns to slow. • But that pales in comparison to the same period a year ago, when inventories stood near an all-time high, pushing prices below $2/MMBtu. • Gas markets today are a bit more balanced, although slightly elevated storage levels could keep prices from rising to $4/MMBtu. Market Movers • Saudi Aramco says that the company should be valued at $2 trillion ahead of its IPO, but independent analysts […]