Yesterday was a swingin, Up-N-Down day for natural gas. See the Updata ‘Candlestick-Volume’ chart for the CME/NYMEX May contract below, that shows upticks in gray, downticks in red, with the width of the bar proportional to the volume during that trading period. So there was a big move up on the open, it was pounded down during the morning session on relatively consistent volume, then drifted back up before closing above the two dollar mark at $2.016, up 3.5 cnts. The futures market spent 3 days below $2.00 this time around. Yes, I’m suggesting that we have not seen the last of one-handle prices. For reference, cash markets didn’t seem so enthusiastic with the ICE prompt cash Henry Hub index languishing back at $1.88/MMbtu, up a penny.
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