Gas fundamentals weak

摘要

Gas benefited from the rally in crude. The April NYMEX gas futures contract climbed for three consecutive sessions, gaining 6.7 cents to settle at $4.294/MMBtu March 22. However, the contract opened lower at $4.215 March 24 as commodities in general pulled back from the earlier surge.rnThe underlying story for US gas remains weak, despite a pronounced fall in the rig count. With US gas inventories well above 1.6 Tcf as the withdrawal season winds down, most observers are anticipating a major gas glut in 2009, one that could test the capacity limits of the domestic gas storage system.