Baseload natural gas prices for April were poised to plummet from already low levels, with weather models taking a decidedly warmer turn as bidweek trading got underway Monday.

Waha Prices

Losses were stout in the Northeast, according to NGI’s Bidweek Alert (BWA), even with the region likely to see chilly weather linger over the next few weeks. Even more significant was the weakness in West Texas, where prices edged closer to zero amid waning demand and robust supplies in the region.

After a chilly March chipped away at lofty storage inventories, bulls’ hopes for sustained heating demand into April were dashed over the weekend.

NatGasWeather said the American Global Forecast System model shed 11 heating degree days from the 15-day outlook, then chopped off another 6-7 in the midday...