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Technical Factors Add Support for May Natural Gas Futures

Natural Gas Intelligence · last updated

The natural gas futures rally that took hold last week and continued through Monday raised the technical ceiling for prices, analysts said.

Chart depicting the daily Henry Hub natural gas prices with trends and analytics from the NGI Natural Gas Index, showcasing pricing data and energy market trends in the US.

After posting a 14.0-cent jump in its debut at the front of the curve last Friday, the May Nymex gas futures contract gained another 5.4 cents to $4.119/MMBtu on Monday. The upward momentum forged prices firmly above the psychologically important $4.00 threshold and, in doing so, lifted the technical resistance level to the $4.30-4.40 range, said Evans on Energy analyst Tim Evans.

The recent momentum, built in large part on expectations for LNG demand strength to continue increasing, reset “technical support under the market as sentiment recovered from the shock of an earlier-than-expected start to the storage injection season,” Evans said.

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