Love in the Air? Not for Natural Gas Bulls as Forecasts Disappoint

With seemingly nowhere to go but down for prices, weak winter weather and continued production strength kept natural gas futures bulls on the defensive in early trading Wednesday.

The March Nymex contract was off 1.8 cents to $1.671/MMBtu as of 8:38 a.m. ET. April was down 2.4 cents to $1.718.

Weather models underwent a mix of trends overnight, but both the American and European datasets had shifted warmer over the prior 24 hours as of early Wednesday, according to NatGasWeather.

“There’s still expected to be a frosty cold shot into the U.S. this weekend into early next week,” NatGasWeather said. However, afterward the outlook “isn’t cold enough to satisfy after warmer trends the past few days, and that’s led to further disappointment.”

Potentially adding to...