The May contract rolled off the board last week, settling at $2.517 per MMBtu, 2.8% below the April settle. This is the fourth consecutive month that natural gas has settled below $3 per MMBtu this year and CY2015 settles are now averaging $2.811 per MMBtu. The June contract has moved into the prompt position and closed out the week higher at $2.776 per MMBtu, after Thursday’s bullish storage report. Market fundamentals continue to look bearish, while the technicals are turning more bullish. With above-average temperatures forecast for the next 6 – 10 days across the eastern U.S., the market may experience some cooling demand moving into the middle of the month.
