Prompt-month natural gas futures have ping-ponged between support levels after getting an injection of strength from the rolloff of the April contract last week.

New York Mercantile Exchange (Nymex) natural gas futures gapped up last Wednesday, creating an immediate support level at $1.647/MMBtu, according to NGI’s Pat Rau, director of Strategy & Research.

May futures stumbled on their first day as the prompt month, then cut some of those losses at the end of a holiday-shortened week. On Monday by midday, May had made up further ground, up 8.3 cents to $1.846 on support.

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“The contract is in short-term technical ‘no-man’s land,’ as...