Natural gas futures probed higher early Monday, with bulls seizing upon favorable near-term weather, steady export demand and market expectations for a seasonally robust inventory withdrawal. But intensifying stress in the global financial system ultimately curbed the momentum and left futures in the red as markets closed.
At A Glance:
- Mixed weather outlook
- All eyes on Freeport LNG
- Bank system worries mount
The April Nymex gas futures contract settled at $2.223/MMBtu, down 11.5 cents day/day. May also fell 11.5 cents to close at $2.331.
NGI’s Spot Gas National Avg. slipped 2.0 cents to $2.530 ahead of a break from cold weather.
Monday futures trading extended losses from Friday. The prompt month lost 4% last week.
NatGasWeather said American and European weather...