Save for later Print Download Share LinkedIn Twitter April gas futures backed off Friday's 29.4¢ surge above $5 per million Btu to post an 18.3¢ loss Monday, taking the prompt month down to a still stout $4.833/MMBtu. Gas fundamentals do not easily explain why the contract would retreat when energy commodities are rising around the globe. US WTI crude shot up another $3.72 to $119.40/bbl and rose to $130.50 over the weekend on the prospect of shutting off Russian oil supply. European gas benchmarks rose to record heights above $80/MMBtu before falling back. Nonetheless, US capacity to ship gas overseas is limited and winter is nearing an end in the Northern Hemisphere. Gas producers may have far more concerns about from the amount of associated gas that could result from $100-plus oil.
