Natural Gas Mar '31 (NGH31)

May Nymex natural gas (NGK26) on Tuesday closed down -0.003 (-0.10%).

Nat-gas prices tumbled to a 5-week low on Tuesday and settled slightly lower.   The outlook for above-normal US spring temperatures, which will reduce nat-gas heating demand and boost storage levels, is weighing on gas prices.  However, nat-gas prices recovered most of their losses on Tuesday when the Commodity Weather Group said forecasts shifted colder, although above-average temperatures are still expected across the eastern half of the US through April 4.  

Nat-gas prices also have some medium-term support on the outlook for tighter global LNG supplies.  On March 19, Qatar reported "extensive damage" at the world's largest natural gas export plant at Ras Laffan Industrial City.   Qatar said the attacks by Iran damaged 17% of Ras Laffan's LNG export capacity,  a damage that will take three to five years to repair.   The Ras Laffan plant accounts for about 20% of global liquefied natural gas supply,... Read more