April Gas Stuck in $2.80s as Cold Weather Offset By Robust Supply

摘要

April gas futures entered the weekend flat in the upper $2.80s per million Btu after spending the week range-trading in the low to high $2.80s.After a frigid start,heating demand eased over the course of the week-but not for long.”The pattern looks to remain colder-than-normal in the second half of March and will keep demand relatively strong for the season,”Gelber & Associates analyst Daniel Myers said.The market also tested $2.90 resistance in part due to more bullish supply fundamentals.A Jefferies analysis released last week found that March US gas production has averaged 84.8 billion cubic feet per day,more than 2 Bcf/d below late-2018 highs,indicating that there has been little recovery from late December and January declines.