GAZB - Natural Gas: Supply Loss Disappoints As Weak Cash Drags Futures Lower
Welcome to the weak cash market edition of Natural Gas Daily!
Mother Nature has given the natural gas market a boost over the last 2 weeks. April was much colder than normal, with May starting off colder as well.
But even though TDDs were close to doubling the seasonal average, the cash market remained weak.
(Source: PointLogic)
Today's cash price was ~$1.6 and tomorrow's is pegged at $1.5/MMBtu.
The weakness in cash is what's been dragging futures lower. The supply loss disappointment so far, combined with concerns over LNG exports, is pushing the entire curve