Welcome back to another week. As we say goodbye to March, there’s been a shift in the weather outlook. The Eastern US has turned from normal to likely below normal in mid-April. Since the East is more reliant on natural gas for heating, expect heating demand to not disappear just yet.

That being said, early estimates for the upcoming storage report for last week’s flow may be an injection of around +15 Bcf in the lower 48. This is less than the previous week’s +37 Bcf, but very different than the withdrawal of -37 Bcf this time last year. The buying to refill storage has begun, including at Dawn.

The NYMEX Front Month May futures contract opened up this morning, but drifted down all day, and settled a few cents down. Trump is expected to announce tariffs on Wednesday (aka “Independence Day”…), so it’s safe to say that markets are a bit nervous. Be cautious as you might see big swings.