NYMEX April natural gas futures traded on either side of unchanged in the US overnight, managing to drift fractionally higher ahead of Tuesday's open.
At 7:10 am ET (1110 GMT) the contract was 0.5 cent higher at $2.656/MMBtu, trading in a range of $2.650-$2.667/MMBtu.
While participants are eyeing weather outlooks and anticipated warmth as spring officially begins at 12:15 pm ET on Tuesday, cold weather in the mid-range period continues to drive modest upside support amid lingering demand that should keep natural gas inventories eroding.
As spring takes hold, the National Oceanic and Atmospheric Administration is projecting warmer-than-normal weather for much of the country from April through June.
Providing upside support, however, the market will have to contend with the implications of the current and mid-range cold as storage withdrawals are expected to continue.
