However, on the New York Mercantile Exchange, the natural gas futures for May delivery, matured at USD1.927 per million British thermal units at the closing of the trading session on Friday.
In spite of the rare upward move on Friday, most participants in the market anticipate the downward trend in prices of natural gases to continue. There are some traders who expect prices to fall to USD1.850 in the short-term and ultimately testing the unprecedented low of USD1.020, hit in 1992, in the long-term.
There are indications that the demand for natural gas will remain low in the near future which are based on the present market scenario.
In the US, the gas market has entered the cold shoulder period. The reason for this is because in spring the consumption of gas becomes low, as the temperatures are mild in this season, while the consumption will increase as the season becomes warmer, due to the increased demand for gas based electric power generation for use in air conditioning.
In the meantime, every day trading degree of natural-gas futures augmented 31%, to 400,806 contracts throughout the first quarter from what it was in the same quarter a year earlier, as per the reports of the CME Group, who is also the operator of the NYMEX.