Natural gas futures rebounded Tuesday, avoiding a third consecutive loss amid modestly lighter production and expectations for more late season heating demand. The April Nymex gas futures contract gained 12.5 cents day/day and settled at $2.348/MMBtu. May futures advanced 15.4 cents to $2.485.
At A Glance:
- EIA prints 96 Bcf injection
- Front month drops 9.1 cents
- Mild temperatures cut demand
NGI’s Spot Gas National Avg. went the opposite direction, falling 16.0 cents to $2.370.
National Weather Service (NWS) data showed more rounds of freezing temperatures covering swaths of the Lower 48 late this week and again near the end of March. These cold blasts could impact parts of the West, Midwest and East – an outlook that favored bulls.
However, waves of warmth across much...