"Natural Gas Futures Continue to Drop as Storage Levels Fall Short"

The US Energy Information Administration reported a withdrawal of 47 Bcf natural gas from storage for the week ended March 24, which fell short of median estimates in polls while inventories remained well above average levels. Natural gas futures fell in the wake of the report, with May Nymex futures down 4.1 cents from the prior day’s close to $2.143/MMBtu. The actual result easily exceeded the five-year average for the period, thanks to rounds of late winter weather in the Upper Midwest during the covered period.