Natural gas has continued to trade below $3 per MMBtu as production continues to remain strong and this winter has experienced a much lower demand, especially compared to the previous winter. The March contract settled at $2.894 per MMBtu and as April moved to the prompt position, it continued the trend trading at $2.82 per MMBtu. Natural gas storage is currently 42.3% above storage levels at this time last year and is 1.5% below the five-year average. As we continue to move closer to spring and therefore injection season, the glut of natural gas supply currently available in the market is maintaining downward pressure on natural gas prices, especially in the near-term.
