Natural gas futures failed to sustain the prior day’s gains, instead sliding ahead of what’s expected to be another smaller-than-normal storage withdrawal in the upcoming government inventory report. The April Nymex gas futures contract settled Wednesday at $2.551/MMBtu, off 13.6 cents from Tuesday’s close. May futures shed 12.7 cents to reach $2.713.
At A Glance:
- Weather not seen as impressive
- Production response said needed
- Spot gas prices slide
Spot gas prices were overwhelmingly lower on Wednesday amid mild weather in the South. NGI’s Spot Gas National Avg. fell 11.0 cents to $3.055.
After some huge swings over the weekend, weather models have settled down a bit with no significant changes in the latest runs. “Essentially, the weather data was solidly bullish...