US June natural gas futures slid into the weekend down 7.1c at $1.823/MMBtu, off 6.7c for the week but 31c off last week’s high $2.134/MMBtu, the first prompt-month settlement with a $2 handle since Jan. 17 (OD May6’20). Natural gas bulls must be despondent to see another surge beaten back, but in this game of “two steps forward, one step back,” bulls apparently have the upper hand. Even a down week has left the contract up 27c from the 25-year low on Apr. 2 as futures prices seesaw higher. Eventually, a tighter supply-demand balance will make a bigger splash, just not now in the low-demand shoulder season.
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