NYMEX April gas futures bounces off support, closes up 2.1 cents

Chemical News: NYMEX April gas futures bounces off support, closes up 2.1 cents

https://www.chemnet.com Mar 05,2012 Platts
The NYMEX April natural gas futures contract settled Friday 2.1 cents higher at $2.484/MMBtu, bouncing off support following Thursday's losses.

Friday was a quiet session, with some short covering ahead of the weekend, said George Ellis, director at the Bank of Montreal. The minor rally is "playing on technical levels," he added.

According to analysts, the gas contract is holding on to its trend line despite weak fundamentals, such as forecasts for warm weather in March and a storage overhang.

"Buyers out there are looking for any excuse to call a bottom," said Gelber & Associates analyst Pax Saunders.

The April contract traded Friday between $2.461/MMBtu and $2.505/MMBtu.

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