The May Nymex contract continued to slowly rebound from itsmassive price downturn on Monday by closing Wednesday up another2.0 cents at $2.521. Trading was held to an extremely tight range,as the spot month could only post a high of $2.555. Total volumewas estimated at 255,671 contracts.

One analyst feels it is no coincidence May could move no higherthan it did yesterday. “$2.53-55 is right on the fence of theprevious up trendline. It’s kind of like a see-saw right now, withpeople not really knowing which way May will ultimately go,” hesaid.

Perhaps last night’s Access session will provide some direction.May was up another 2.4 cents to $2.545 last night, despite the factthe latest AGA storage report of 22 Bcf worth of injectionsincreased the surplus to last year by 38 Bcf. “To me, this showsthat there still is inherent strength out there, although I’d liketo see May settle above (yesterday’s regular session) high before Istart expecting another move above $2.60,” the analyst continued.If prices move in the opposite direction, look for support in the$2.46-47 area, he said.

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