NYMEX June gas contract rises 6.3 cents overnight to $4.118/MMBtu

Monday, May 20, 2013

NYMEX June natural gas futures were trading 6.3 cents higher at $4.118/MMBtu as of 8:25 a.m. EDT (1225 GMT) Monday as traders covered short positions in an extension of last week's rally.

The contract traded overnight between $4.088-$4.152/MMBtu.

EcomEnergy analysts pointed to support for the contract at $4.03/MMBtu and resistance at $4.16/MMBtu.

Henry Hub cash was last seen on IntercontinentalExchange at $4.08/MMBtu Monday; it averaged $3.895/MMBtu on Friday.

Platts unit Bentek Energy forecast supply for Monday at 69.9 Bcf, down 100,000 Mcf from its Sunday outlook, with demand expected to drop 400,000 Mcf to 55 Bcf. Bentek forecast power burn at 22.1 Bcf, up 1 Bcf from the previous day, and industrial demand at 18 Bcf, down 100,000 Mcf from Sunday.

Gas needed to replace lost nuclear capacity came in at an estimated 3.7 Bcf, up 1.337 Bcf, according to Bentek.

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