Today’s the day that buyers have been looking forward to: a big sell-off in the NYMEX. The May front month opened at $4.11 US/mm, and plummeted to $3.88, where it found some buyers and kept the price steady. That’s a change of -6%, or about 25 cents. It’s a crazy day for other markets too, WTI crude, S&P 500 and Nasdaq dropped -7.5%, -5.5%, and -4.5% respectively so far. While sharp changes are often corrected the next day back to normal, but most of these decreases are following the momentum from previous trading days, so the pattern is hard to deny. For the NYMEX, we shall see if this momentum continues over the weekend and into next week.

The weather forecast for the lower 48 has turned slightly warmer overall in April, but for Canada has turned slightly cooler, especially for those in the East. Next week’s temperatures especially will dip below normal, and will hopefully be the the last cold snap for this season. Once temperatures warm back up, expect Utilities to start injecting gas into storage as much as they can.

Have a good weekend, and enjoy the warmth!