The April NYMEX contract gained a meager 1.8 cents to $2.155 onMonday, as traders continue to hold the spot month to a tighttechnical trading range. The bottom of that range was confirmedwhen April bounced off major support at $2.105. Despite the narrowtrading band, estimated volume still managed to reach 33,502 totalcontracts.
One broker feels trading the April contract “may be as easy nowas trading has ever been. There’s not much to this market really.Right now we’re right smack in the middle of our trading range at$2.105-$2.205, and that’s probably where we should be. Every timewe see a move to $2.18-19, expect selling. People are lining up tobuy this thing at $2.12 and lower,” he said.
The May contract is offering more trading room than April, butnot by much. The broker places its range at $2.12-2.45. Still Mayis a “very different demand month from April, so any change in thefundamental outlook, say storage for example, is more likely tobypass April and affect May,” he reasoned.
©Copyright 1998 Intelligence Press Inc. All rights reserved. Thepreceding news report may not be republished or redistributed, inwhole or in part, in any form, without prior written consent ofIntelligence Press,Inc.
© 2021 Natural Gas Intelligence. All rights reserved.
ISSN © 1532-1231 | ISSN © 2577-9877 |