Markets

May natural gas is set to open unchanged Friday morning at $2.02 as holders of short positions weigh the merits of continued market exposure. Overnight oil markets rose.

Physical natural gas for weekend and Monday delivery moved little in trading Friday as gains in the East and Rockies were able to overcome a weak Texas market and flat Gulf Coast pricing.

A string of cold snaps, which could be the last of the season, and signs of slowing production kicked natural gas forwards up a few notches between April 1 and 7, NGI Forward Look data shows.

Physical natural gas for weekend and Monday delivery moved little in trading Friday as gains in the East and Rockies were able to overcome a weak Texas market and flat Gulf Coast pricing.

May natural gas is expected to open 2 cents higher Thursday morning at $1.93 as traders juggle a mix of short-term cooler weather along with a government report that is expected to show storage reaching an all-time high on a seasonal basis. Overnight oil markets were mixed.

Natural gas futures worked higher Thursday morning and had traders scratching their heads after the Energy Information Administration (EIA) reported a storage build that was somewhat greater than what the market was expecting.

U.S. natural gas prices are going to be sluggish this year as the oversupply slowly is whittled down, but analysts said falling rigs and delayed pipeline projects should lead to a bullish recovery in 2017.

The probability of a transition from a Pacific El Nino to a La Nina event later this year, which many forecasters believe could pump up tropical storm activity in the Atlantic Basin, could also lead to a hotter-than-normal summer, according to MDA Weather Services.

Physical natural gas and futures both staged hefty advances Thursday. Outside of a few points in the Rockies, nearly all market locations gained by a few pennies to a nickel or more.