Chesapeake Energy Corporation (CS1.F)

U.S. Natural Gas Futures Weighed Down by Weak Demand

U.S. natural gas futures settle lower with soft demand and the hefty storage overhang weighing on the market despite lower U.S. production. The EIA is expected to report a build of 55 billion cubic feet in underground storage for the week ended April 26, which would lower slightly the surplus over the five-year average. On the output side, Chesapeake Energy said it curtailed production by about 200 million cubic feet a day in 1Q and expects to curtail around 400 million cubic feet a day in 2Q as its builds capacity for when the market recovers.