Deficit to five-year average widens to 306 Bcf NYMEX Henry Hub holds above $8/MMBtu Lower temperatures to limit injections into May Chilly spring weather across much of the country curbed net injections to US natural gas storage in the final week of April, helping to widen the inventory deficit and propel a rally in NYMEX gas futures.
The US Energy Information Administration May 5 reported a larger-than-expected injection of 77 Bcf to gas storage for the week ended April 29 in a build that barely undershot the prior five-year average. The injection was 16 Bcf more than anticipated from an S&P Global Commodity Insights’ survey of analysts, which called for a 61 Bcf addition to stocks, and just 1 Bcf shy of the prior five-year average build. As a result, US working gas inventories climbed to […]