The NYMEX front-month natural gas contract edged 3.7 cents higher Wednesday to settle at $3.187/MMBtu, chipping into Tuesday's near 9-cent decline ahead of the weekly US Energy Information Administration natural gas storage report. Looking ahead, prospects for weaker US demand in the coming weeks and restrictions on NET Mexico, impacting exports into the Mexican market, may prove difficult for the prompt month to continue to trudge higher over the next two weeks. 

Forecasts through April 26 maintain that US demand will hover near 64 Bcf/d, below the current April month to date of 65.5 Bcf/d, and a stark 8.2 Bcf/d below year-ago levels.

Outlook

We expect Natural gas prices to trade positive on the back of short covering after drop in prices.

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