Despite an increase in weather-driven demand expectations over the weekend, technical factors and broader bearishness across the energy sector helped keep the pressure on natural gas prices in early trading Monday. The May Nymex contract was down 2.6 cents to $1.727/MMBtu at around 8:30 a.m. ET.

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Compared to Friday’s outlook, Bespoke Weather Services added around 11 gas-weighted degree days to its latest forecast early Monday. Changes in the outlook included colder trends in the Midwest and East for this weekend into next week and some cooling demand in the southwestern portion of the country.

“Natural gas prices are down to start us off this week…We did hit technical resistance at yesterday evening’s open around $1.80 before prices began to drop off,” Bespoke said. “The selling this morning appears to be a combination of technical selling along with prices following the oil market lower, as folks appear to be less optimistic about the return of demand in either sector.”

Maxar’s Weather Desk noted a “further amplified” pattern for the period starting Saturday and extending through April 29, with the eastern half of the Lower 48 trending cooler and the West shifting warmer.

“Today’s outlook is additionally cooler in the Midwest, South and East” compared to Sunday’s expectations, the forecaster said. “Rounds of unsettled conditions will be in the South and East, where temperatures are forecast to be on the cool side normal. Meanwhile, a strong ridge builds into the West as Pacific flow strengthens downstream of a deepening Gulf of Alaska low. Temperatures will near record levels in the Southwest under much above normal coverage.”

Storage data in the coming weeks could add downward pressure to prices as triple-digit injections start to roll in from the Energy Information Administration, according to EBW Analytics Group analysts.

“By two weeks from now…the market is likely to be facing the first in a long string of 100-plus Bcf injections,” the EBW analysts said. “These injections, which could continue through the end of May, might average as much as 120-130 Bcf per week and add more than 1.1 Tcf to storage.

“As the market starts to focus on this build, the Nymex natural gas forward curve could fall sharply, with the front-month contract retesting last week’s lows.”

The May crude oil contract, which is set to expire Tuesday, was down sharply in early trading, off $6.64 to only $11.63/bbl at around 8:30 a.m. ET. May RBOB gasoline was off fractionally to around 70.6 cents/gal.