Natural Gas Futures Prices Start Week on Solid Footing as Exports Still Strong
Natural gas futures struggled to gain traction early Monday, but continuously strong export demand eventually pushed prices into the green. With options and the May Nymex contract’s expiration looming, the prompt month settled at $2.790, up 6.0 cents from Friday’s close. The June contract picked up 5.6 cents to land at $2.874.
Spot gas prices were mixed as the East and West coasts put up notable gains, while the rest of the country softened. NGI’s Spot Gas National Avg. climbed 3.5 cents to $2.605.
After last week’s late-season cold snap provided the futures market with a final blast of heating demand and boosted prices, weather models reflected a “quite bearish” pattern for most days through mid-May, according to NatGasWeather. Forecasts showed daytime temperatures mostly in the 60s to 80s across the United States, with only spotty areas of chilly overnight lows.