As the relentless march higher for natural gas prices finally began to show signs of slowing down, forwards prices recorded discounts throughout the Lower 48 during the April 14-20 trading period, NGI’s Forward Look data show.

forward look graph

Fixed prices for May delivery at benchmark Henry Hub eased 6.0 cents lower to end the period a hair below $7 at $6.938/MMBtu. In turn, fixed price discounts of around a nickel to a dime were the norm at most locations, though pipeline maintenance appeared to drive steeper declines at a number of Appalachian natural gas hubs.

Meanwhile, Nymex futures had appeared poised to reach beyond the $8.00 threshold, but after setting a high of $8.065 in Monday’s session, the May contract retreated from there. Following a bearish storage miss from the latest...