Markets

Natural gas for delivery Wednesday slumped as a weak power environment offered little incentive to make incremental purchases and the about-to-expire May futures contract eased as traders anticipated a closer convergence to the physical Henry Hub quote as well as the expected release of storage data showing an increasing storage surplus.

May natural gas is set to open 4 cents lower Tuesday morning at $2.02 as traders balance an expected renewed expansion of the long-term storage surplus with a resilient technical outlook. Overnight oil markets rose.

BP plc, the first supermajor out of the gate to deliver first quarter results, posted a surprising net profit that upended Wall Street forecasts as lower costs more than offset the impact of weaker commodity prices.

May natural gas is expected to open 3 cents lower Monday morning at $2.11 as traders discount near-term weather forecasts and expect a near-term consolidation. Overnight oil markets fell.

It was quite the week in natural gas forwards markets as prompt-month prices rose an average 17 cents between April 15 and 21 in the face of slowing production and long-term outlooks for warmer-than-normal weather, according to NGI’s Forward Look.

May natural gas is expected to open 3 cents lower Monday morning at $2.11 as traders discount near-term weather forecasts and expect a near-term consolidation. Overnight oil markets fell.

Physical natural gas for Tuesday delivery posted gains in Monday’s trading led by double-digit, weather-driven gains in New England and the East. Only a handful of points traded lower, and gains in the East, Rockies and California were able to offset sluggish trading in Texas and Louisiana.

It was quite the week in natural gas forwards markets as prompt-month prices rose an average 17 cents between April 15 and 21 in the face of slowing production and long-term outlooks for warmer-than-normal weather, according to NGI’s Forward Look.

Physical natural gas for Tuesday delivery posted gains in Monday’s trading led by double-digit, weather-driven gains in New England and the East. Only a handful of points traded lower, and gains in the East, Rockies and California were able to offset sluggish trading in Texas and Louisiana.