The recent cold snap seems more like a last hurrah for Old Man Winter, and with barely a few weeks left in the winter season, inventories for natural gas remain in near record territory. This will ensure that any price gains for natural gas in the aftermath of today's report will be limited.
More Quotes from Rakesh Shankar:
We are entering spring with near-record levels of inventory. A recent cold spell notwithstanding, few people now care about surprises in this release, seeing as how total inventories are nearly 70 above average.Rakesh Shankar
This week essentially marks the death knell for winter.
Rakesh Shankar
Since these data are preliminary, it is quite possible that the Energy Information Administration data will also show gasoline demand fell in March and April when the revised monthly data are released.
Rakesh Shankar
Refinery utilization still remains very weak, with refineries still lagging in their recovery from an aggressive March maintenance schedule.
Rakesh Shankar
This report marks a healthy start to the gasoline buildup for the summer driving season. A few more weeks of this kind of healthy build will help further assure the market that gasoline prices this summer will head south.
Rakesh Shankar
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Based on Topics: Winter QuotesBased on Keywords: hurrah
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