Natural gas futures have experienced a decline following the EIA’s report of a 9 Bcf rise in inventories for the previous week. This adjustment has narrowed the storage deficit relative to the five-year average, decreasing it from 230 Bcf to 190 Bcf. “Although not without precedent, net injections are infrequent at this juncture in the season,” notes Andy Huenefeld of Pinebrook Energy Advisors, linking the increase to temperate weather conditions in major population hubs. Futures reached daily lows in response to the report; however, it is important to note that the market has not breached the lower boundary of the recent trading range, indicating that prices continue to find support. The Nymex front month concludes with a decline of 6.4%, settling at $3.975 per million British thermal units (mmBtu).

U.S. natural gas futures continue to decline following the EIA’s report indicating the first rise in natural gas inventories since the initial week of November. Last week, underground gas storage increased by 9 billion cubic feet, reaching a total of 1,707 Bcf. This development has narrowed the deficit relative to the five-year average, decreasing it from 230 Bcf to 190 Bcf. In a recent survey conducted by the Wall Street Journal, analysts had forecasted an average storage draw of 12 Bcf for the previous week. Subpar inventory levels have sustained futures prices above $4, even in the context of mild March weather that followed a colder-than-usual beginning to the year. The Nymex front month has declined by 3.9%, currently priced at $4.081 per million British thermal units

U.S. natural gas futures are experiencing a pullback as market participants anticipate a forthcoming weekly storage report from the EIA, which is projected to indicate a modest withdrawal as the high-demand winter season nears its conclusion. Survey participants from the Wall Street Journal anticipate a decrease of 12 Bcf in inventories for the previous week, with some analysts projecting a modest increase in storage levels. A storage deficit exceeding 600 Bcf compared to the previous year is a significant factor contributing to the robust price levels observed over the past month, maintaining a threshold of $4, according to a report from NatGasWeather.com. The front month on Nymex has declined by 1.5%, currently priced at $4.184 per million British thermal units.

The European gas market is poised to commence its essential restocking phase following the heating season; however, current storage injection rates are trailing those of previous years, as noted by ANZ Research. “Current storage levels reflect a situation not observed since the energy crisis of 2021-22, driven by robust demand throughout the heating season,” they state. “In the previous week, injections totaled 507 GWh/d, compared to 1,012 GWh/d during the corresponding period last year.” In the latest trading session, European natural-gas prices experienced an increase of approximately 6.4%, driven by low inventory levels and diminishing expectations regarding the prompt resumption of Russian gas supplies. According to analysts at ING, investment funds that had previously engaged in significant selling of TTF in recent weeks have shifted their strategy in the latest reporting period. The benchmark Dutch TTF contract remains unchanged at 43.30 euros per megawatt hour.