And the NYMEX plunges right back down. It seems like yesterday’s rally may have just been a temporary pop in the markets, but one thing is clear: traders are anxious and very reactive. Like we’ve said before, it may take a while for the chaos to settle and to see the market’s true reaction, and beware of misinformation. For today, the May front month contract came down 22 cents to settle at $3.55 US/mm.

The storage report came in at +57 Bcf, 7 Bcf more than expected. Withdrawal season is well underway, and especially once the lingering cold clears up this month, the injections will likely keep coming. Stay tuned.