Bulls are Running

Weekly Continuation

For only the third time in the last thirteen years prompt gas traded through the February high during calendar March but as of yet the the prompt has not closed above that high. The other two years that met that condition were ’13 and ’17. In both of those years successive prompts built on gains before recording May – Q2 highs.

Volume and open interest increased along with price this week (a technical positive). Average daily volume was an estimated 60,000 contracts higher than last week’s lowest levels in nearly a year. Open interest increased a slight 4,000 contracts (from Thursday through Thursday, open interest statistics always lag by one day), leaving the total just above the early February low (the lowest total since the fall of ’16) and still below the level at the December price low.

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