The EIA’s storage report for the week ending March 21st came out to be a injection of 37 Bcf in the lower 48, much larger than expected. Although gas prices did initially drop when the report was released, prices rallied later in the afternoon. Keep in mind that today is the last day of trading for the NYMEX April front month contract. Overnight trading last night pushed the front month as low as $3.73 US/mm. Last trade for the front month is $3.95, and May’s last trade is $3.91.

Otherwise, little news on the fundamentals side. Production is unchanged, temperatures are expected to remain around normal throughout April, heating demand is falling off, and LNG feed gas demand keeps creeping up to new record highs.

Very interesting to see this large of an injection at this time. There is still a week and a half left for March’s reporting period, and since it’s been rather warm, it’s safe to estimate that injections will keep coming. Again, March 2025 may get a net injection.