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June gas futures fell 6.9¢ Thursday to $2.101 per million Btu as the latest storage report — while showing the market chipped away at the inventory surplus — came in 2 Bcf above consensus. Amid a stagnant fundamental picture, the June contract has fallen in each of the last four sessions for a total decline of 30.9¢. "The sell-off that has occurred this week can be attributed in part to the expectation of high storage injections in the coming three weeks that would put gas in working storage in the 2.5 Tcf range," Gelber & Associates analysts said. "Being that high this early on is extremely good for the market and puts storage injectors in a great position going into the summer. If a hot summer emerges and power demand competes with storage as is expected, storage being in such a healthy position now will ensure that a scenario like last year’s race to fill storage will not happen this year."

Gas Demand, Gas Inventories, Gas Supply, Gas Prices, Gas Pipelines
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