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Both physical and financial natural gas markets were poised to make healthy gains by midweek, but the weekly Energy Information Administration (EIA) storage report stunted gains in the physical market, and pushed the October futures into the loss column for the week.
The Bidweek price landscape was able to continue the improvements seen in April Bidweek, and all but a handful of points recorded gains for May. Neither month appeared to be living up to its billing as a fall-off shoulder month. TheNGI National Bidweek Average for May rose a healthy 14 cents from April to $1.82, with Rocky Mountain and California points well into double-digit gains.
After breaking above the $13/MMBtu price level on Tuesday, July natural gas futures continued to explore the upside throughout Wednesday. The prompt-month contract climbed an astounding 25.8 cents to finish Wednesday's regular session at $13.210, backed by low storage injection expectations for the week ended June 13, a $2.67/bbl bump in July crude futures due to Nigerian strike fears and a "couple of distinct waves" traveling in the tropical Atlantic and the Caribbean.