NYMEX May natural gas futures declined overnight ahead of Monday's open, as abating weather-related demand support reflected more on the market than did the below-average end-of-withdrawal-season inventory level.
At 6:40 a.m. ET the contract was down 2.1 cents at $2.680/MMBtu.
Previous estimates from the US Energy Information Administration put working natural gas in storage ending the traditional withdrawal season at 1,356 Bcf on March 31, or 17% below the five-year average.
Total working gas stocks already sit at 1,354 Bcf as of the week ended March 30, however, after the EIA detailed a net 29 Bcf withdrawal for the week in review.
Current inventories are 697 Bcf below the year-ago level and 347 Bcf below the five-year average.
Although colder conditions have lingered and remain dominant in mid-range forecasts, higher low temperatures associated with the calendar have meant diminished demand support.
