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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":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t