• EIA reports second largest storage draw on record
  • Traders focused on mild weather this spring
  • Cash prices fall further amid mostly light demand

The April natural gas futures contract failed to make a big impression on its first day at the front of the Nymex curve. The new prompt month struggled to get off the ground early in Thursday’s session and only reached a $2.855/MMBtu intraday high before settling at $2.777, off 1.8 cents from Wednesday’s close.

EIA storage Feb 19

Spot gas, which traded Thursday for delivery through Sunday, continued to retreat as well, with losses accelerating on the East Coast. NGI’s Spot Gas National Avg. dropped 19.5 cents to $2.555.

After five straight days in the red, it would not have been surprising to see the newly prompt April contract make a big...