Bill Burson

May natural gas is expected to open unchanged Friday morning at $4.70 as a neutral technical picture offsets a supportive supply dynamic. Overnight oil markets were narrowly mixed.

Spot natural gas for weekend and Monday delivery declined across a wide front Friday, with few points making it on to the positive side of the trading ledger. West Coast points were hard hit, but deep double-digit declines were seen in the Midcontinent, Marcellus, eastern and northeast points.

Weekly physical natural gas prices compiled byNGIput in a deceptively modest gain of 6 cents to average $4.66 for the week ended April 25. Although futures slid on the week, the advance of the May contract from an April 2 low of $4.221 managed to make a high for the move on Thursday at $4.805 hinting that the advance from earlier in the month may still have more legs.

May natural gas is expected to open 4 cents higher Thursday morning at $4.77 before the release of government storage statistics that for the last two weeks have come in shy of market estimates. Overnight oil markets rose.

In the aggregate, spot natural gas prices for Friday delivery traded flat in Thursday’s exchanges, but swings were seen in the Rockies as a major gas plant explosion disrupted receipts and deliveries. At eastern points mild, seasonal temperatures along with softer power prices prompted weaker next-day quotes.

May natural gas is expected to open 3 cents higher Wednesday morning at $4.77 as near-term weather forecasts are seen making timely additions to storage problematical. Overnight oil markets were mixed.

Next-day gas rose Wednesday as forecasters called for temperatures at about normal levels but predicted turbulent and windy conditions capable of sending readings into the below normal camp. With the exception of a handful of points, locations posted gains typically a few pennies on either side of a nickel.

May natural gas is set to open 3 cents higher Tuesday morning at $4.73 as analysts raise their longer-term price forecasts amid historically low inventories and hefty demand. Overnight oil markets eased.

Physical gas for Wednesday delivery inched lower overall Tuesday as weakness in California and the West countered weather-driven strength at New England, Marcellus and Mid-Atlantic points. At the close of futures trading May had advanced 4.2 cents to $4.739 and June was up by 4.3 cents to $4.758. The expiring May crude oil contract tumbled $2.24 to $102.13/bbl.