Baseload natural gas prices for May remained under pressure relative to benchmark Henry Hub as bidweek trading commenced on Monday, hindered by benign weather and continued strong production levels.

Chicago bidweek

Weakness was pronounced in the nation’s midsection, according to NGI’s Bidweek Alert (BWA), with prices low across the Midwest and Midcontinent.

Chicago Citygate basis was trading around minus 14.5 cents Monday, which compares with an average of plus 2.0 cents for April bidweek. Basis prices across the Midcontinent mostly improved some month/month but were still in the red relative to Henry Hub. Southern Star basis, for example, traded around minus 23.5 cents on Monday.

Benign spring weather permeated the central United States and much of the country to start the week, with...