The May Nymex contract nudged 2.1 cents lower to $2.535 Mondayamid a session marked by a relatively light total estimated volumefigure of just over 30,000 contracts. “Many traders are waiting fordirection from the cash market, and since that hardly moved today,it makes sense futures hardly budged either,” an analyst told GPI.

May currently stands right smack in the middle of its$2.46-2.605 trading range, so it is likely May could meander ineither direction today, the analyst told GPI. But, “considering thefact that May had the opportunity to retrace somewhat but didn’t,shows the contract is still clearly in a bullish mode. Thus, I’dsay a move above $2.60 is probably more likely than a move to$2.45,” he said.

Another trader also expects May trading to be dominated bytechnicals today, and he further believes many traders will onceagain remain on the sidelines today until the latest AGA report isreleased Wednesday night. “If we see a net withdrawal figure again,that would be amazing, especially considering the warm weather wehad last week. However, it was pretty hot in the producing region,so that may have affected withdrawals in that region. Obviously,that is the key region as far as summer air conditioning relatedstorage goes, so perhaps this Wednesday’s report will provide thekick needed to push May to new highs,” he said.

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