After selling off more than 14 cents yesterday, the market has been feeling some whiplash.
Late day trading yesterday caused May’s contract bounce back more than 6 cents and now, the attempted price recovery attempts to continue early this morning as May was trading up over 4 cents, however front month prices have since pulled back and are trading up only a cent near $2.52/MMBtu.
The market continues to await upcoming storage injections which will be indicative of any potential strength in weather or tightness coming back to the market.
Demand for LNG exports that has reached an all-time weekly average high of over 11.7 Bcf/D has not been enough to excite gas bulls who have struggled to gain momentum this spring shoulder season.
Source: Gelber & Associates
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