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Natural gas futures rally 2nd day as market looks for bullish storage print

06 April 2023 09:23 (UTC +04:00)

The May Nymex gas futures contract settled at $2.155/MMBtu, up 4.9 cents day/day. June gained 3.7 cents to $2.381, APA-Economics reports citing Natural Gas Intelligence.

Production on Wednesday held below 100 Bcf/d – the standard for the past several weeks – amid near-term maintenance events, particularly in the Northeast. Wood Mackenzie estimated output in the region was down about 970 MMcf/d on Wednesday, driven by repair and upgrade work in Pennsylvania that is expected to largely culminate this week.

Still, it contributed to a second day of relatively light output that intersected with forecasts for a steep storage pull relative to the five-year average.

The Energy Information Administration (EIA) storage report covering the week ended March 31 is slated for release Thursday morning.