
May Nymex natural gas (NGK23) on Wednesday closed down -0.093 (-4.25%).
May nat-gas prices Wednesday closed sharply lower. Nat-gas prices are being undercut by ample supplies, with U.S. nat-gas inventories being 20% above their 5-year average as of Mar 31. Nat-gas prices are also being undercut by ramped-up U.S. nat-gas production, with Wednesday's lower-48 state U.S. dry gas production up +3.0% yy/ at 99.2 bcf. Nat-gas prices have underlying support from strong demand for U.S. LNG exports.