NYMEX April gas futures were on the defensive overnight into Tuesday, as technical selling met with bearish fundamentals. At 1155 GMT, the contract was down 2.1 cents at $2.665/MMBtu.
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April gas pulls into the lead slot amid sentiment of overbuying, prompting a round of selling. Adding to the pressure, moderate weather looks set to keep demand subdued, with more gas set to stay in underground storage approaching the end of the withdrawal season on March 31.
Revised National Weather Service outlooks show below-average temperatures holding over the West, a few parts of the Midwest and the South Atlantic in the six- to 10-day period, then receding from portions of the Southwest but overtaking a majority of the country's eastern two-thirds in the eight- to 14-day period.
Average to above-average temperatures initially dominant across the central and eastern US will eventually shrink in scope.