The NYMEX March natural gas futures contract settled at $2.879/MMBtu Monday, down 7.2 cents, as traders continued to show concern about oversupply, despite current heavy weather-driven demand. “Traders will assume that oversupplied conditions persist until they are proved incorrect,” said Aaron Calder, Gelber & Associates analyst. “The last five withdrawals have indicated oversupply, a powerful trend. Even though there is evidence to suggest freeze-offs and fuel-switching will lead to undersupplied withdrawals in the coming weeks, the burden of proof is on the disruption of the status quo.” WSI’s 11- to 15-day forecast calls for below-normal temperatures over most of the US from the central Rockies to the East Coast, except for the South Atlantic and Gulf Coast. The National Weather Service’s six- to 10-day forecast calls for strong chances for below-normal temperatures across almost all of the US except for the Gulf Coast and […]