Bearish Storage Holding Gas Futures Near Two-Month Lows

摘要

Faced with unrelentingly bearish storage trends heading into spring,US gas futures saw a general flush last week with the prompt month falling to levels not seen since mid-January.The $2.50s per million Btu was as good as it got for the April contract,pressured as it was by late-winter warmth in the major eastern US markets that could produce the first March storage injection in years.After dipping into the upper $2.4os on Thursday,April found some footing and closed 5.4c or 2.2% higher Friday at $2.535/MMBtu.But for the week it was down 6.5c,or 2.5%.The forward curve also took it on the chin last week.The 12-month strip was down 6.2C for the week at $2,742,while the 2022 strip fell 4C to $2,593.After January 2022,a $3 handle doesn't appear until January 2030.