Natural gas futures, which had initially shown promising gains because of favorable production and export trends, remained only marginally positive at midday. Market focus shifted towards the upcoming storage report and the implications of mild weather forecasts.  

Here is the latest:

  • May Nymex futures at $1.881/MMBtu as of 2:36 p.m. ET, up nine-tenths of a cent 
  • Front-month moved early to $1.943
  • NGI modeling a 14 Bcf build for week ending April 5

A print in line with estimates would tighten the massive 633 Bcf surplus versus the five-year average for Lower 48 storage. The five-year average for the week ending April 5 is a 24 Bcf build, while the year-earlier period saw an 11 Bcf injection, EIA data show.

Gelber & Associates analysts said market optimism around what should...