April natural gas prices drifted lower during the overnight and early morning hours but managed to hold above yesterday's contract low. Some traders indicated that the market was down 19.5% decline from the February 23rd high into yesterday's low. There was more progress made on the use of natural gas as a transportation fuel yesterday, with a plan between General Electric and Chesapeake energy to supply more US compression stations in late 2012. Meanwhile, expectations for this morning's EIA storage report are for a draw in the range of 80 to 85 bcf, which compares to last year's same week draw of 63 bcf.
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