The June natural gas contract settled up a few ticks on the day despite the rest of the summer strip being generally flat, as we saw another slow day of natural gas trading. 

This has certainly been the trend of late, with the June/July M/N natural gas spread increasing significantly despite relatively stable prices at the front of the natural gas strip. 

Stable cash prices have played a role in this, thanks at least in part to storage operators needing to fill storage levels following significant depletion this past winter. 

This is seen even more significantly along the whole natural gas strip, where every contract out through 2023 has declined over the past month except the prompt month June contract, which has remained bid up. 

This is something we have been tracking closely and updating clients on regularly, typically in our daily Note of the Day. These have had high predictive power recently, as our Note from all the way back on the 23rd of April identified $2.8 as a strong resistance level moving forward and explained why we were not convinced by a few bullish EIA prints. These would eventually turn less supportive, as we saw last week.