April 6, 2015
- Trading on the NYMEX natural gas market was closed on Friday due to the Good Friday holiday.
- What was a relatively quiet week on the NYMEX picked up on Thursday when the prompt month shot up 12.3 cents to finish the week up 4.7%. The 12 month average gained 9.6 cents on the week, or 3.3%. This surge seems to have already run out of steam, though, as the prompt month has shed 6 cents at the time of writing this commentary.
- The winter 2015-2016 strip followed suit with the prompt month and 12 month average bullishness by gaining almost 6 cents on the week. The strip settled Friday at $3.149.
- As many anticipated, we did in fact get one more minor withdrawal in last week’s storage report, however the withdrawal number came in a bit bigger than many analysts expected. 18 BCF was pulled out of the ground and, with expectations mostly in the low -10’s, the market reacted bullishly.
- Things are starting to heat up across the nation with warmth in the forecast all over the board. While April is still considered to be a shoulder month between winter and summer, continued heat can start to be a major factor in the market place as we get closer to the heart of the summer.
- The power markets all experienced some bullishness along side natural gas last week, albeit to a lesser degree. PJM markets gained somewhere around 1.5% each on the week while New York City remained almost completely flat.