The May natural gas contract settled at $4.152 per mmBtu, crossing the $4 mark for the first time since August 2011 settled at $4.370. The colder than expected temperatures continued to increase storage withdrawals, pushing storage levels to below the five-year average. Interestingly, the storage level at the beginning of injection season this year is the 3rd highest in the past 20 years. With 2012 storage levels being extremely elevated, it has skewed the 5-year average and sent bullish signals to the market. Resistance for the prompt month appears to be holding at the $4.44 level thus far.
