Technical indicators suggest natural gas bulls could soon take control of the market after a run higher for June natural gas futures on the New York Mercantile Exchange (Nymex).

The prompt-month June futures contract first broke above the descending triangle formulation that has been constraining it since mid-February on Thursday (May 2), said NGI’s Pat Rau, director of Strategy and Research.

A day later, the contract “blew past” that level and its trailing 50-day moving average of $2.077/MMBtu. On Monday, June futures surged to a $2.262 intraday high and settled at $2.195, 5.3 cents higher from Friday and the highest settlement since Jan. 29. 

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