Happy Monday.
This early morning began with the front month (May) trading down to $1.76 US/mm (March 14 low) from the 1.80’s last week and then bounced right back up by 11 am. Currently around $1.795 US/mm level.
The summer strip is trading $2.16 US/mm and winter 24/25 strip is $3.34. US/mm. (With April expiry this week, the rest of summer strip is trading $2.26 US/mm)
The market fundamentals would concur with this slow grind lower, but with all the shorts on the NYMEX (see Commitment of Traders report), we have to be wary of a snap bounce up. The 8-14 day forecast indicates near normal temperatures for most of the lower 48 states, [WFG]