Technical market indicators suggest a bottom could be near for the newly anointed prompt-month June futures contract on the New York Mercantile Exchange (Nymex).

June futures settled down 6.3 cents at $1.923/MMBtu on Friday (April 26). On Monday, the contract’s first day in the lead position, losses were reversed as June increased 10.7 cents to settle at $2.030.

“The June Nymex contract debuts as the prompt month in a pretty clear descending triangle pattern,” according to NGI’s Pat Rau, director of strategy and research. The pattern “has progressed to the point where the range of the triangle is roughly 20 cents, marked by a bottom at $1.90 and a top at $2.11.”

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