Amid continued downward pressure from excess storage inventories, and with cooling demand yet to ramp up in earnest, regional natural gas forwards drifted lower during the April 25-May 1 trading period, according to NGI’s Forward Look.

June fixed prices at Henry Hub exited the period at $1.939/MMBtu, down 4.6 cents week/week. In line with the national benchmark, near-month discounts were the norm across the Lower 48.

SoCal Summer Premiums Decline

The April 25-May 1 period saw summer premiums come down in Southern California as traders tried to get a read on fair value for peak cooling months. SoCal Citygate August fixed prices tumbled 35.6 cents week/week to end at $4.529, Forward Look data show.

Recent forecasts suggested minimal weather-driven demand uplift in the...