|Day's Range||4.0330 - 4.0330|
"April natural gas contract trades below $2 into expiration ... as it struggled under the weight of a towering South Central regional storage surplus and (as) thinning trading volumes drove increased volatility risks," analysts at energy consulting firm EBW Analytics said in a note. Freeport LNG shut in June 2022 due to a fire.
A U.S. government auction of oil and gas drilling rights in the Gulf of Mexico generated $263.8 million in high bids, the most of any sale in the region for years and the first test of demand for investment since the Russian invasion of Ukraine. The Bureau of Ocean Energy Management (BOEM) offered 73.4 million acres in the U.S. Outer Continental Shelf (OCS) in the Gulf.
"The near-zero reading indicates activity was largely unchanged from the prior quarter, a break from the more than two-year stretch of rising activity."