North American natural gas forwards rallied across the 2024 strip during the May 2-8 trading period as sagging production readings and an incrementally supportive LNG export outlook stirred bullish optimism.

Benchmark Henry Hub set the tone, with June fixed prices rallying 25.5 cents week/week to reach $2.194/MMBtu, according to NGI’s Forward Look. By Monday (May 13), the prompt month had surged to $2.388, a level EBW Analytics Group LLC said fulfills a key technical target. “Although a brief consolidation is possible, the technical outlook continues to point higher towards $2.50/MMBtu,” according to EBW senior analyst Eli Rubin.

Negative Basis In Texas

Looking at basis dynamics, hubs near producing areas in Texas continued to trade at negative differentials to the...