Forwards retreat on 'sticker shock;' weak cash drives storage injections

摘要

Financial basis markets fell early this week, retreating as much as 32 cents for the prompt month Tuesday and Wednesday under the pressure of a high June NYMEX gas futures contract, weaker cash prices and the resulting increase in storage injections. The June NYMEX contract on Wednesday rolled off the board with the third-highest expiration on record. "And that's without hurricanes, heat or low storage," a Texas-based trader said. "It seems like people are still having 'sticker shock.'"