June traded through and closed above the April high ($2.092) making it the 15th time in 17 years that prompt gas has traded through the calendar April high during May. June also closed above declining trend line resistance, which will likely now serve as support as well as the March high and above the continuation 20 – week SMA for the first time since first two Fridays of 2024.
June’s rally was impressive, but it stopped short of narrowing the “expiration” gap left following February expiration and well short of well – defined conventional resistance presented by the December low closing above that gap would approximately equal the average of historical rallies from Q1 lows to Q2 highs. Volume was a little higher this week (a technically positive point, but just equaled the 20 – week average). Open interest was higher as prompt gas rallied, also a technical positive.
