Near-term demand weakness, including from a milder shoulder season temperature outlook and declining export volumes, had natural gas futures trading lower through midday Wednesday. Physical prices for multi-day delivery over the upcoming holiday weekend saw heavy discounts.

Here’s the latest:

  • May Nymex contract down 7.5 cents to $1.713/MMBtu as of 2:21 p.m. ET
  • NGI modeling a 25 Bcf withdrawal for latest storage report, versus five-year average withdrawal of 27 Bcf
  • Snapper Creek Energy’s Kyle Cooper calling for a 27 Bcf withdrawal
  • Gelber & Associates predicting a 29 Bcf pull
  • ICE End of Draw Index recently quoted at 2,275 Bcf

“With producers continuing to lay off production and demand tracking seasonal lows, there does not seem to be much for market bulls or bears to cling on...