Natural gas futures signaled easing late-winter storage concerns early this week as the closely watched Nymex March/April spread briefly slipped into contango amid warming weather and strong supply.

Line chart showing NGI’s Henry Hub March–April 2026 natural gas futures spread from December 2024 to December 2025, with the spread peaking near $0.55/MMBtu in February 2025 before steadily declining through mid- to late 2025 and falling to near zero by December 2025, based on NGI forward look calculations.

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At A Glance:

March/April spread briefly turns negativeWarm December erodes winter risk premiumStrong production adds late season supply cushion