Normal

August natural gas is seen 4 cents lower Friday morning at $3.81 as traders doubt any sustained staying power to Thursday’s response to a bullish inventory report. Overnight oil markets were mixed.

August natural gas is hovering unchanged at $4.170 prior to the market’s open as bulls factor in a near-term constructive weather outlook, but bears look for a continued reduction in the storage deficit once government figures are reported. Overnight oil markets were mixed.

The expiring June futures contract is seen opening 2 cents higher Wednesday morning at $4.53 as traders mull strength in the cash market and position themselves before the release of Thursday’s gas storage report. Overnight oil markets eased.

June natural gas is expected to open 2 cents higher Tuesday morning at $4.45 as traders sense a slight oversold condition and weigh the prospects for a more active storage refill. Overnight oil markets rose.

The expiring May natural gas futures contract is seen opening 4 cents higher Monday morning at $4.69 as forecasts of cooling in pivotal Midwest and Great Lakes markets ripple though the market. Overnight oil markets were mixed.

The National Oceanic and Atmospheric Administration (NOAA) said temperatures are expected to be below normal this spring for about half of the Lower 48 states, but they will be above normal for the other half plus Alaska.

Physical natural gas prices for Tuesday delivery overall fell a penny on average Monday as most points fluctuated within a few cents of unchanged. Modest strength in the Midcontinent and double-digit gains at certain Marcellus points were unable to offset broad weakness elsewhere. At the close of trading October futures had retreated 8.5 cents to $3.602 and November was off 8.6 cents to $3.677. November crude oil dropped $1.16 to $103.59/bbl.

Physical natural gas trading Friday for weekend and Monday delivery overall was flat in uninspired trading. With few exceptions, prices flip-flopped within a nickel of unchanged.

The natural gas cash market added 2 cents on average overall Tuesday for Wednesday delivery with small gains and small losses at most points characterizing the day’s trading. Midwest points were mixed as weather outlooks held to seasonal norms, and Gulf points were a few pennies higher. At the close of lackluster futures trading September had drifted lower by 0.1 cent to $3.318 and October had eased 0.3 cent to $3.343. September crude oil dropped $1.26 to $105.30/bbl.