April natural gas prices ended the day up almost 1% after bouncing around in the early part of the session. Concerns over low storage levels combined with a colder than normal weather forecast were the culprit for the move up. 

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The gains were not confined to April prices but extended throughout the futures curve. 

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We did observe some weakness early in the day, as the strongest cold is now behind us, with demand lowering into this weekend. 

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With temperatures moderating, cash prices were held in check, trading just over 2.90 today. 

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The early morning weakness was short-lived, with the market rallying ahead of expectations of a strong gas draw in today's EIA report, which came true, as we drew 149 bcf last week, much stronger than last year and the 5-year average. 

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We saw this number as supportive, as it was tight relative to the average over the last several weeks. 

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Afternoon weather models then went colder in week two, and these forecasts added additional support, allowing prices to end the day close to their session highs.