Northeast Hit Hard, But Basis Swells; April Futures Out Like A Lion

摘要

Physical gas prices fell again in Thursday trading for Friday delivery, but most of the hard selling occurred in the Northeast where some points suffered multi-dollar drubbings. Locations in and around the Great Lakes were off by anywhere from 50 cents to a dollar, but producing zone trading points were typically within a few cents of unchanged. The Energy Information Administration (EIA) reported a storage withdrawal of 57 Bcf for the week ended March 21, a moderately bullish number relative to expectations, and that along with procrastinating bidweek buyers was enough to send the expiring April contract out the door with an 18.2-cent gain to $4.584. May rose by 14.3 cents to $4.538, and May crude oil managed an advance of $1.02 to $101.28/bbl.