Natural gas futures treaded water early Monday as traders looked for fresh direction amid the continued war in Ukraine. After spending much of the afternoon in positive territory, a trio of bearish headwinds eventually left the May Nymex contract nearly unchanged at $5.712/MMBtu. June also barely budged, off two-tenths of a cent to $5.793.

West Texas forward basis

At A Glance:

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

Spot gas prices also strengthened as several weather systems impacted the Lower 48, and pipeline maintenance was being carried out on several systems, reducing flows. NGI’s Spot Gas National Avg. jumped 20.5 cents to $5.480.

Ripe with volatility given the ongoing conflict in Ukraine, the spring shoulder season appeared to be off to a strong...