Natural gas futures continued to trade mostly sideways Tuesday, with little deviation from the cooler-than-normal weather pattern through early May and robust supplies showing no signs of pulling back. With the Nymex contract’s expiration looming, May futures settled at $2.307/MMBtu, up 3.4 cents on the day. June futures slipped by the same amount to $2.437.
At A Glance:
- EIA prints 96 Bcf injection
- Front month drops 9.1 cents
- Mild temperatures cut demand
Spot gas prices were mixed, but the West Coast retreated from earlier spikes. NGI’s Spot Gas National Avg. lost 2.0 cents to $2.245.
Until weather conditions get hotter, particularly in the South, gas prices are likely to have a tough time gaining much traction. Based on the latest weather models, that may not occur...