Natural gas futures added to recent gains in early trading Wednesday as supportive trends in both production and exports helped stir bullish sentiment.
The May Nymex contract was up 3.7 cents to $1.909/MMBtu as of 8:35 a.m. ET.
The May contract was continuing to enjoy technical momentum heading into Wednesday’s session after crossing the 20-day moving average, according to EBW Analytics Group analyst Eli Rubin.
“LNG is also edging upward to three-week highs on stronger Freeport demand, while supply falters on pipeline maintenance,” Rubin said. “Further near-term upside is possible.”
Wood Mackenzie estimates showed U.S. production down to 98.1 Bcf/d, versus 98.8 Bcf/d a day earlier.
The firm’s updated sample showed volumes out of North Louisiana “continuing...