Storage build expected to be 25 Bcf lower than five-year average Production stays relatively flat on the day at 92 Bcf The NYMEX May gas futures jumped 11.8 cents Wednesday to settle at $1.939/MMBtu amid bullish injection outlook and rising demand. R The front-month contract moved between $1.774/MMBtu and $1.952/MMBtu. “The recent turmoil in crude oil prices is looking bullish for gas prices,” said Daniel Myers, analyst at Gelber & Associates, noting the considerable rally in prices for the latter half of 2020 as market participants expect a scaling back of associated gas production. The December contract was trading at $2.947/MMBtu, up 2.1 cents day on day, while the January 2021 contract climbed 1.9 cents to $3.084/MMBtu. “Prices are also getting support from the smaller-than-average injection expectation and supportive shoulder season,” he said. A storage build of […]