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The recent bounce follows a sharp sell-off that pushed prices into technically oversold territory ahead of the May contract\u2019s expiry. Monday\u2019s settlement at $3.170\/MMBtu marked a strong rebound from Friday\u2019s low of $2.973, the weakest level since mid-November. June futures, now the front month, extended gains with a close at $3.343.<\/p>\n
Analysts, including Carley Garner of DeCarley Trading, point to a successful retest of the December breakout trendline near $3.300 as a technical confirmation of support. Garner noted that this same level sparked a rally in March, and its defense now reinforces the potential for another leg higher.<\/p>\n
However, the demand outlook in the immediate term remains soft. Forecasts from NatGasWeather show most of the U.S. experiencing mild temperatures in the 60s-80s through early May, limiting heating and cooling demand. National consumption is expected to remain very light, with expectations for a storage build exceeding 100 Bcf this week.<\/p>\n
Last Thursday\u2019s EIA report added bearish weight, showing a storage injection of +88 Bcf for the week ending April 18\u2014well above both the +75 Bcf consensus and the 5-year average build of +58 Bcf. Still, inventories are down 20.2% year-over-year and sit 2.3% below their 5-year seasonal average. Meanwhile, European storage lags its seasonal norm, at just 38% full compared to the 5-year average of 48%.<\/p>\n<\/div>\n
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[ad_1] Daily Natural GasThe recent bounce follows a sharp sell-off that pushed prices into technically oversold territory ahead of the May contract\u2019s expiry. Monday\u2019s settlement at $3.170\/MMBtu marked a strong rebound from Friday\u2019s low of $2.973, the weakest level since mid-November. June futures, now the front month, extended gains with a close at $3.343. Analysts, including Carley Garner of DeCarley Trading, point to a successful retest of the December breakout trendline near $3.300 as a technical confirmation of support. Garner noted that this same level sparked a rally in March, and its defense now reinforces the potential for another leg higher. How Does Light Near-Term Demand Affect the Bullish Case? However, the demand outlook in the immediate term remains soft. Forecasts from NatGasWeather show most of the U.S. experiencing mild temperatures in the 60s-80s through early May, limiting heating and cooling demand. National consumption is expected to remain very light, with expectations for a storage build exceeding 100 Bcf this week. Is Inventory Pressure Capping the Upside? Last Thursday\u2019s EIA report added bearish weight, showing a storage injection of +88 Bcf for the week ending April 18\u2014well above both the +75 Bcf consensus and the 5-year average build of +58 Bcf. Still, inventories are down 20.2% year-over-year and sit 2.3% below their 5-year seasonal average. Meanwhile, European storage lags its seasonal norm, at just 38% full compared to the 5-year average of 48%. [ad_2]<\/p>\n","protected":false},"author":1,"featured_media":45009,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-45008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financas"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts\/45008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/comments?post=45008"}],"version-history":[{"count":0,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts\/45008\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/media\/45009"}],"wp:attachment":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/media?parent=45008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/categories?post=45008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/tags?post=45008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}