With excess storage inventories continuing to hang over the market through the shoulder season, natural gas forwards declined notably at the front of the curve for most regions during the April 18-24 trading period, data from NGI’s Forward Look show.

May fixed prices at benchmark Henry Hub exited the period at $1.653/MMBtu, down 6.1 cents week/week. Most hubs followed Henry lower as soft shoulder season fundamentals kept a lid on prices in the nearer term. 

West Texas Pressure Eases

Permian Basin hubs remained at discounted levels, but the regional price outlook strengthened during the April 18-24 period. 

Still, strengthening is relative, and for Permian natural gas markets this only translated into marginally less negative pricing for May. Waha ended at negative 34.3...