Thu 29 Mar 2012 08:21:00 CT
May natural gas prices traded lower during the initial morning hours and registered another new contract low in the process. Perhaps some of the downside pressure in came after yesterday's April contract expiration marked a new 10 year low. Some traders indicated that the market was factoring in a very weak demand picture from record high temperatures in March trimming heat-related demand for natural gas. Meanwhile, production remains near a record pace and storage levels are at all-time highs for this time of the year. Expectations for this morning's EIA storage report are for an injection of around 45 bcf, which compares to last year's injection of 7 bcf.
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