Leticia Gonzales

A solidly bearish weather outlook sent natural gas forward prices tumbling from April 11-16 as the mild spring setup was expected to significantly improve storage inventories in the weeks ahead, potentially leading to a year/year surplus in stocks. May forward prices dropped an average 11 cents, while June and the balance of summer (May-October) slid a dime on average, according toNGI’s Forward Look.

In a move that could be considered risky given the long Easter holiday weekend, natural gas traders continued to grind futures prices lower on Thursday, pushing the prompt month to a multi-year low. The May Nymex gas futures contract settled at $2.49, down 2.7 cents on the day. June slipped 2.4 cents to $2.535.

In a move that could be considered risky given the long Easter holiday weekend, natural gas traders continued to grind futures prices lower on Thursday, pushing the prompt month to a multi-year low. The May Nymex gas futures contract settled at $2.49, down 2.7 cents on the day. June slipped 2.4 cents to $2.535.

The natural gas market firmly shifted into springtime mode, with weekly prices tumbling down as any remnants of winter demand had dissipated by midweek. Not even a host of pipeline maintenance events across the country could save prices during the short holiday week, and theNGIWeekly SpotNational Avg.plunged 31.5 cents to $2.035.

A solidly bearish weather outlook sent natural gas forward prices tumbling from April 11-16 as the mild spring setup was expected to significantly improve storage inventories in the weeks ahead, potentially leading to a year/year surplus in stocks. May forward prices dropped an average 11 cents, while June and the balance of summer (May-October) slid a dime on average, according to NGI’s Forward Look.

Natural gas bears were emboldened after taking out a long-held key support level on Wednesday with weather models trending increasingly warmer. The Nymex May gas futures contract settled 5.5 cents lower at $2.517/MMBtu, and June settled 5.8 cents lower at $2.559.

Natural gas bears were emboldened after taking out a long-held key support level on Wednesday with weather models trending increasingly warmer. The Nymex May gas futures contract settled 5.5 cents lower at $2.517/MMBtu, and June settled 5.8 cents lower at $2.559.

Strong bearish sentiment was too much for natural gas bulls to overcome Tuesday even as the latest weather data added some demand back into forecasts. However, after Monday’s 7-cent plunge, the Nymex May gas futures contract took somewhat of a breather and ultimately settled only 1.8 cents lower at $2.572/MMBtu. June slid 1.6 cents to $2.617.

Strong bearish sentiment was too much for natural gas bulls to overcome Tuesday even as the latest weather data added some demand back into forecasts. However, after Monday’s 7-cent plunge, the Nymex May gas futures contract took somewhat of a breather and ultimately settled only 1.8 cents lower at $2.572/MMBtu. June slid 1.6 cents to $2.617.