April Gas Prices Rise Modestly As Market Fails to Probe Lower

摘要

Natural gas futures advanced modestly last week after failing to break below major technical support levels. Market bears are latching onto forecasts showing that mild weather is likely to remain predominate over the coming week, bolstering the storage carryout. Meanwhile, market bulls are hanging their hats onto the lack of solid follow-through selling below $3.79, which produced a couple of short-covering rallies last week. "Natural gas sold off sharply after a record injection in the Gulf of Mexico Producing Region, but still settled above $3.80 — this is beginning to look increasingly like a bottom," said analyst Stephen Schork.