Natural gas stored underground in the Midwest finished winter far above historical norms, reflecting strong production and unusually weak weather-driven heating demand.

Spot gas prices have struggled to find momentum as a result. Chicago Citygate prices hovered around $1.500/MMBtu over the past week, roughly in line with NGI’s Spot Gas National Avg., but down about 50 cents from a year earlier.

The year/year trajectory of NGI’s Midwest Regional Avg. mirrored the key Chicago hub.

[Want to visualize Henry Hub, Houston Ship Channel and Chicago Citygate prices? Check out NGI’s daily natural gas price snapshot now.]

Mother Nature delivered a brief late-winter chill to parts of the region in mid-March – with another dose in recent days – and the Midwest posted a 10 Bcf...