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Updated natural gas futures for April, 2014

Published Mar 27, 2014, 10:45am

Natural gas futures held sideways in Wednesday’s session with April settling nearly a penny to the downside as options expired.  Today marks the last day settlement for the contract, we don’t anticipate a strong move in either direction into the close.  Spring weather continues to try and wrestle its way into the picture, however forecasts still call for lingering cold thru the first week of April.  Most traders are pausing here till we see our first spring injection and see just how robust it will be.  Producers are going to be extracting all they can as the race is on to fill the storage balance deficit year-over-year.  The EIA will release its weekly storage report this morning, expectations are for a net WD between 53 and 80 Bcf with consensus forming at 62 Bcf.  We look for futures to oscillate for a bit here and breakout hopefully lower.  There is still a good deal of “fear premium” baked into the coming winter.

Over the course of the next couple of months focus will shift to what will summer cooling demands be and we will again be at the mercy of the weather. From a technical perspective, support is in place at $4.40 and $4.25 while resistance is in place at $4.75 and $5.00

Month Price Change Change % High Low Est. Vol.
Apr '14 $4.402 ($0.009) (0.2%) $4.428 $4.352 17,492
May '14 $4.395 ($0.019) (0.4%) $4.426 $4.354 299,075
June '14 $4.424 ($0.019) (0.4%) $4.456 $4.385 70,140
July '14 $4.461 ($0.018) (0.4%) $4.492 $4.422 82,862
Aug '14 $4.457 ($0.017) (0.4%) $4.485 $4.420 55,546
Sep '14 $4.434 ($0.013) (0.3%) $4.458 $4.395 41,124
Oct 14 $4.447 ($0.010) (0.2%) $4.474 $4.410 132,265
Nov 14 $4.495 ($0.005) (0.1%) $4.519 $4.456 39,211
Dec 14 $4.612 ($0.004) (0.1%) $4.635 4.568A 65,609
Jan 15 $4.696 ($0.001) (0.0%) $4.718 $4.643 62,464
Feb 15 $4.652 $0.001 0.0% $4.671 $4.618 25,773
Mar 15 $4.545 ($0.003) (0.1%) $4.562 $4.517 50,683
 
Winter 14/15 $4.600 ($0.002) (0.0%)      
Winter 15/16 $4.318 ($0.005) (0.1%)