Markets

California oil/natural gas field regulators on Friday opened a nearly two-month comment period for new regulations governing the operation of underground gas storage in the state. Final comments are due by the close of business July 13.

Natural gas forward prices for June plunged by an average 24 cents between May 12 and 18 as forecasts for cooler weather for the rest of May took center stage, according toNGI Forward Look.

Physical natural gas for Tuesday delivery bounded higher in Monday’s trading, aided and abetted by a strong screen, pervasive above normal heat on the West Coast and increased seasonal exports to Mexico. Strongest advances were seen in market points serving California and West Coast points, and the NGI National Spot Gas Average added 7 cents to $3.01.

June natural gas is set to open 3 cents higher Friday morning at $3.21 as traders sense a buying opportunity following Thursday’s bearish Energy Information Administration (EIA) storage report. Overnight oil markets rose.

U.S. importers bought more but paid less for Canadian natural gas last year, according to the 2016 annual trade record from the U.S. Department of Energy.

Natural gas forward prices for June plunged by an average 24 cents between May 12 and 18 as forecasts for cooler weather for the rest of May took center stage, according to NGI Forward Look.

Prices eased for weekend and Monday physical natural gas deliveries, with weather-driven moderation at Northeast, Southeast, and Appalachia points staving off strong pricing in Texas, the Midwest, and Louisiana. The NGI National Spot Gas Average lost two cents to $2.94.

It was a struggle, but for the week ended May 19, weekly natural gas finally huffed and puffed its way to $3 with individual market points generally trading within a nickel of unchanged. A spring heat wave in New England provided much of the impetus for prices to clear the $3 barrier, and theNGIWeekly Spot Gas Average rose 3 cents to $3.00.

June natural gas is expected to open 3 cents higher Thursday morning at $3.22 as traders anticipate a government storage report to show declining inventory surpluses relative to historical averages. Overnight oil markets fell.