The first day of April brought bullish price action to both natural gas futures and physical markets through midday Monday as a notable dip in production volumes appeared to fuel upward momentum. Still, like anything else on April 1, it may be best to approach first-of-the-month production estimates with some skepticism.

Here’s the latest:

  • May Nymex futures up 7.7 cents to $1.840/MMBtu as of 2:08 p.m. ET

The front month could encounter a number of technical resistance barriers as it attempts to chart a path higher. The May contract “faces a series of strong resistance levels in the $1.94-2.05 area,” said NGI’s Pat Rau, director of Strategy & Research. The $1.94 level represents “the top of the Bollinger Band,” while $2.00 represents “psychological resistance,”...