The June contract is now the front month at NYMEX and began the week by jumping up 4.5% a high of $2.04 US/mm.
Differing opinions: some feel that more feedgas demand for the Freeport LNG plant in Texas was the catalyst, while other feel that the NOAA forecast of warmer than normal weather for the next two weeks creating air conditioning demand as the reason.
But looking at the June chart, we are still in a range over the last 6 weeks.
The NYMEX rest of summer strip (June to Oct) was $2.39 US/mm and the next winter strip was $3.45 US/mm. Both are also still trading in a range. [WFG]