Spot

The April Nymex contract crept 3.5 cents higher to $2.365 onWednesday, as traders continue to hold the spot month to smalldaily changes ahead of the contract’s expiration this Friday. Aprilmanaged to reach $2.40 before intraday profit taking drove thecontract back, a source told GPI. Total estimated volume came in at70,152 contracts.

The recent surge in natural gas futures prices became so greaton Monday that the spot April contract came within 4 cents ofreaching its all-time high trade of $2.460. However, speculatorswere quick to “pounce on a selling opportunity” at that price, theresult of which left April up just 0.8 cents for the day at $2.351.Total volume was estimated at 88,053 contracts.

The April NYMEX contract gained a meager 1.8 cents to $2.155 onMonday, as traders continue to hold the spot month to a tighttechnical trading range. The bottom of that range was confirmedwhen April bounced off major support at $2.105. Despite the narrowtrading band, estimated volume still managed to reach 33,502 totalcontracts.

The April Nymex contract fell 2.9 cents to $2.292 on Monday,following the spot month’s failed attempt to clear a majorresistance level. “April was in a two hurdle race today, but ittripped on the second hurdle,” a trader told GPI. “On the one hand,April was able to break out of the symmetrical triangle formationby moving above $2.34. However, April immediately fell back once itfilled in the chart gap at $2.355. There were quite a few standingsell orders at that price, so it’s no wonder the contract fellback,” he said.