Natural gas prices closed today's session with only a small 2 tick gain in the June contract after a lot of back-and-forth.
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Prices first dropped early in the morning, followed by a sharp rally based on stronger cash prints. That rally was unable to hold, however, due to selling pressure in later-dated contracts, which mostly closed down on the day.
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Our morning report correctly highlighted the possibility of choppy price action, taking a neutral stance, which proved to be the correct lean once the smoke had cleared.
Some warmer weekend weather forecast changes did show up, taking forecast demand a little above normal thanks to some early heat in the eastern half of the U.S. over the next couple of weeks.
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GEFS 6-10 day forecast temperature anomalies:
This equates to widespread highs in the mid-80s to even low 90s in the southeast quadrant of the nation on the hotter days.
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