U.S. natural gas futures slightly rebound

US natural gas futures edged higher yesterday following a drop in oil prices, but gains were limited by the prospect of warm weather. Scott Shelton of TP ICAP stated in a report that the natural gas market "cannot determine if it is related to oil, while the spot fundamentals are basically stagnant." He said that long-term issues in the market include whether high liquefied natural gas prices will reduce exports in the second quarter maintenance of terminals, or if high oil prices and additional strategic oil reserves will lead to an increase in US oil production and more associated natural gas growth. Natural gas prices on the New York Mercantile Exchange rose 1.4% to $2.931 per million British thermal units.