Friday’s big sell continued in the NYMEX today. After prices briefly floated up a few cents this morning, the May front month contract eventually settled at $3.65 US/mm, 18 cents down. There were bigger settle changes in later months, like June (down 20 cents), July (down 22) and August (down 22).

The fundamentals suggest that this week will be colder than normal, and hopefully the last little cold snap of the shoulder season since temperatures are expected to be normal afterwards until the end of the month. But with the Canadian spring, who knows what weather we will get. Expect some volatility in temperatures and demand in the short term.

Otherwise, the rest of the story is more or less the same. Storage injections may briefly turn into withdrawals throughout the cold, and LNG demand is still high, but production is holding strong even amidst the scheduled maintenance. The trade war continues to escalate and de-escalate, meanwhile the stock market continues to plummet with days-long consistent decreases.