The May Nymex natural gas futures contract crumbled in its premiere session in the lead position, anchored to the downside amid a plethora of bearish fundamentals, most notably abundant supply met by a shortage of demand.

At A Glance:

  • Prompt month sheds 7.0 cents
  • Storage withdrawal expected
  • Bearish spring weather ahead

The newly anointed front-month contract shed 7.0 cents day/day to a settlement at $1.718/MMBtu. The contract tumbled from a $1.789 intraday high to a low of $1.704. 

Analysts with Gelber & Associates said, “The new front month appears to be reverting to April’s settlement price.” 

The April contract rolled off the board Tuesday at $1.575, declining for the fifth straight session to the lowest April expiry since April 1995, according to Bloomberg...