NYMEX July gas continues to trade in bearish $2.30-$2.40/MMBtu range

摘要

The NYMEX July natural gas futures contract rose more than a centFriday, but largely maintained its new bearish range following the releaseThursday of the Energy Information Administration's storage report.The July gas contract settled at $2.337/MMBtu, up 1.3 cents fromThursday’s settlement. The contract moved between $2.306/MMBtuand $2.355/MMBtu Friday.“We’re finally getting a dead cat bounce with today’s minor gains,”said Phil Flynn, senior market analyst with Price Futures Group inChicago. “Obviously the EIA storage report yesterday spoke for itself.There are such strong US production numbers, which is puttingdownward pressure on the market. We’re seeing short-covering aswell, since we’ve seen such significant moves to the downside.“In the short term, we’re just not seeing the demand, especiallywith below-average temperatures in the Midwest. Summer is aroundthe corner, though, so that could change,” Flynn said.