The week’s close at $6.278 was the highest since November ’08 . At that time prompt gas was declining from its July high of $13.694. Since 2008 May has settled higher than April in nine of fourteen years and three of the last four.
Volume and open interest increased along with price for the third straight week, during this period prompt gas has traded from $4.478 to $6.538. This week the average daily volume was an estimated 100,000 contracts higher than last week, which was 40,000 contracts higher than the week before. In the last three weeks, the total level of open interest increased more than 58,000 contracts. Volume and open interest moving in the same direction as price is a significant technical positive.