Natural gas prices popped into expiry today, with the April contract rallying just less than 3% before going off the board.
This fit perfectly with our expectations. Our Morning Text Message Alert to trader level subscribers outlined that we saw the April contract as likely to expire from $2.68-$2.7 given recent weather trends, with our Morning Update then saying any colder afternoon trends would easily push it above $2.65. The CME had it settle right at $2.691.
Today’s move also justified our continued slightly bullish sentiment yesterday afternoon.
The April contract clearly led today, with the rest of the strip not rising nearly as much.
This came as our Morning GWDD forecast actually did not add much demand from yesterday, though we noted increased confidence that should support prices.
Still, with a bullish expiry we saw J/K tick significantly higher as it went off the board.
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