The April Nymex natural gas futures contract floundered on its final day as the front month – a third consecutive loss – as the intersection of robust production and waning demand again captured traders’ attention.
At A Glance:
- Production offsets LNG demand
- Analysts see 50s Bcf withdrawal
- May takes over as prompt month
April futures on Wednesday fell 3.9 cents day/day to close at a monthly low of $1.991/MMBtu. It then rolled off the books. The May contract, which takes over at the front of the futures curve on Thursday, eked out a 3.7-cent gain and settled at $2.184.
NGI’s Spot Gas National Avg. was flat at $2.470.
Chilly conditions lingered in far northern markets Wednesday and were expected to persist into Thursday, proving doses of near-term heating demand,...