• Nymex natural gas futures in freefall, flirting with $2.50
  • Weather models turn sharply warmer
  • Cash slides amid light Easter weekend demand

A notable drop in weather-driven demand expectations over the Easter holiday weekend helped send natural gas futures tumbling early Monday. The May Nymex contract was down about 15.0 cents at midday, trading just shy of $2.500/MMBtu.

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Over the holiday weekend, both the European and American weather models showed large losses in degree days, according to EBW Analytics Group analysts. They estimated a decline of 18 Bcf in total projected natural gas demand resulting from the forecast changes.

The latest forecast from Bespoke Weather Services showed the current week sitting at a “near-record” low for national gas-weighted degree...