Markets

April natural gas is seen opening 9 cents higher Monday morning at $2.92 as traders respond to forecast cooling. Overnight oil markets were mixed.

April natural gas is set to open 3 cents higher Friday morning at $2.83 as traders attempt to reconcile Thursday’s bearish storage report with technical resiliency. Overnight oil markets strengthened.

Natural gas forwards prices rose across the curve from Feb. 24 to March 2 as bullish sentiment heading into the summer trumped bearish headwinds from a lamb-like early end of winter tied together with a surprise storage build.

Three months since it was put into service, the 800 MMcf/d east-to-west Zone 3 capacity enhancement of the Rockies Express Pipeline (REX) has effectively erased a noticeable advantage Marcellus Shale pricing had enjoyed compared with the neighboring Utica Shale, an analysis of NGI prices shows.

Physical natural gas for weekend and Monday delivery had few takers in Friday trading as traders were unwilling to commit to three-day deals when the demand outlook appeared soft.

Outside the Northeast weekly natural gas prices showed broad strength as only five points in California fell into the loss column, and only modestly at best.

April natural gas is expected to open unchanged Thursday morning at $2.80 as traders cogitate on near-term cooler weather and look past a government report that is expected to show minimum usage. Overnight oil markets plunged.

April natural gas futures posted a new low for the day Thursday morning after the Energy Information Administration (EIA) reported an unprecedented February storage build, which was greater than the small withdrawal that most in the market were expecting.

The physical natural gas market Thursday was a tale of the East and everyone else, as forecasts for steep dives in temperatures at the end of the week along the Eastern Seaboard prompted robust advances.