Natural gas futures ended the week on higher ground as traders digested the latest storage data, which reflected some potentially bullish signals for the market. With some short-covering likely in play ahead of the weekend, the May Nymex gas futures contract settled Friday at $2.114/MMBtu, up 10.7 cents on the day. June futures closed out the week at $2.305, up 10.8 cents.

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At A Glance:

  • South Central surpluses shrinking
  • LNG feed gas fluctuating near highs
  • Cash slips on light heating needs

Spot gas prices, however, nosedived for the three-day gas delivery period. Losses were most pronounced on the West Coast, though California prices remained at a stout premium to the rest of the country. NGI’s Spot Gas National Avg. dropped 12.0 cents to $1.860.

With weather-driven demand...