The April Nymex contract gained another 6.1 cents to $2.300 onThursday, as the contract continued to move higher following thebreakout from its recent technical trading range. Despite thestrong rally and heavy estimated volume of 72,113 contracts, theupsurge stopped just short of breaking through its next resistancelevel at $2.305.
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For a change, fundamentals actually seemed to be behind pricemovements at the New York Mercantile Exchange on Monday. The spotApril contract gained 4.0 cents to $2.169 yesterday, as a blast ofwinter temperatures propelled cash market prices up 5-10 centsacross much of the country.
February prices were flat to a little higher Monday, sourcesreported. One said buyers thought they would be able to knockprices down, “but you couldn’t.” There is plenty of demand and it’svirtually all storage-related, he went on. “All of a sudden we’reseeing February turn into an injection month,” and that’s what iskeeping demand high, he said