Natural gas futures were trading close to even early Tuesday, with the looming expiration of the April contract thus far failing to produce any fireworks amid depressed pricing at the front of the curve.

NGI Morning Natural Gas Price & Markets Coverage

The April Nymex contract was unchanged at $1.615/MMBtu as of 8:46 a.m. ET. May was off fractionally at $1.787.

Analysts at Mobius Risk Group called it a “remarkably quiet start to the week for the natural gas market” after contracts further along the strip saw relatively little movement.

“The glaring question facing the market is when the phrase ‘ the best cure for low prices is low prices’ will become reality,” the Mobius analysts said.

On the other hand, even as mild weather has left the market with a hefty storage surplus heading into the injection season...