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Rich Asplund

The Outlook for an Expanding Storage Surplus Weighs on Nat-Gas Prices

United States Nymex The Commodity Weather Group Natural Gas BNEF EIA

May Nymex natural gas (NGK26) on Tuesday closed down -0.028 (-1.07%).

Nat-gas prices continued their 5-week selloff on Tuesday, dropping to a 17-month low. Forecasts for above-normal temperatures that reduce nat-gas heating demand and expand US gas storage levels are weighing on prices. The Commodity Weather Group said that above-average temperatures are expected across the eastern two-thirds of the US through April 17, with seasonally normal weather expected across the US from April 18-27.

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