The perfect storm of factors that led to Monday’s dramatic sell-off along the Nymex natural gas futures curve reversed course on Tuesday, prompting a modest rebound in prices. However, the May contract quickly sold off after failing to overcome strong resistance, settling the day 5.5 cents lower at $2.456. June slipped 4.6 cents to land at $2.536.

Storage Estimate

Spot gas prices managed to hold onto their small gains, sending NGI’s Spot Gas National Avg. up 5.5 cents to $2.240.

Though early in the low-demand spring season, Tuesday’s cooler revision to the latest weather forecast was enough to turn prices around early in the session. The May Nymex contract opened the day unchanged to Monday’s close at $2.511, and quickly bounced to the $2.568 intraday high.

However, the prompt month...