Regional natural gas forward prices advanced during the March 28-April 3 trading period as the start of the spring injection season found market bulls searching for signs of green shoots after a bitter winter.

May fixed prices at Henry Hub rallied 12.1 cents to $1.845/MMBtu, setting the pace for similar front-month gains across much of the Lower 48, NGI’s Forward Look data show.

Working Down The Storage Glut

With the winter that wasn’t officially in the books, the market can shift its attention to the injection season. 

Pricing dynamics across the curve reflect a market caught between an exceptionally mild winter and rosier expectations for demand heading into 2025. At $1.60-plus, the May/December spread at the start of April was as high as it’s been in at least a...