US natural gas prices sold off heavily yesterday, with the front-month Henry Hub contract settling 6.4% lower, ING's commodity experts Ewa Manthey and Warren Patterson note.
Total storage levels are 10% below the five-year average
"The downward pressure has continued this morning. This is after the Energy Information Administration (EIA) reported that US natural gas storage increased by 9 bcf over the last week, above the expected 5 bcf increase. However, total storage levels are still tight, standing at 1.71 tcf, down 26.8% year on year and 10% below the five-year average."
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