After cresting the $6.000/MMBtu mark a day earlier – and then surging to a $6.394 intraday peak – natural gas futures ran out of steam Wednesday. Although there were plenty of factors for bulls to hang their hats on, technical momentum was zapped late in the session. The May Nymex gas futures contract settled at $6.029, off three-tenths of a cent from Tuesday’s close. June futures budged even less, finishing nearly unchanged at $6.107.

At A Glance:

  • Lingering cold boosting demand
  • Supply response lagging
  • Storage concerns simmering

Spot gas prices, meanwhile, kept their foot on the pedals, with sharp increases seen across the country. NGI’s Spot Gas National Avg. climbed 32.5 cents to $6.110.

As for futures, bulls appeared destined to keep their streak of price gains...