Well, it appears we cursed natural gas volatility, as after touting the largest daily range since February 21 yesterday we saw the smallest daily range of the year today.

Prices traded just below our $2.82 resistance level through the day, seemingly consolidating after yesterday's large spike.

In our Morning Update we explained why we expected a slow day, as typically after a large EIA move prices consolidate into the weekend.

A lack of any real day-over-day GWDD changes also helped limit price catalysts.

We did see a bit of action along the strip, with later contracts firmer.

Yet even so the widening in M/N barely puts a dent in what has been a very impressive narrowing over the past month.

We now head into next week with spreads that are a bit wider and prices that have consolidated up at the top of the recent range following a more supportive EIA print and minimal weather changes. In our Pre-Close Update for clients today sent out just before electronic close we took a look at expected weather forecast changes over the weekend as well as what today's spread action says about price risks moving forward and how our reading of balance has shifted through the past week. Our intraday Note of the Day also took a closer look at relative power burn tightness and what that indicates about price risk moving forward as well.