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.

Forward Prices

At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

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 until...