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April gas future broke higher Friday, rallying 24.4¢ to settle at $3.009 per million Btu, the first time the nearby contract has settled above $3 since Jan. 27. This week’s rally, punctuated only by a 4.6¢ decline Thursday, marks the second consecutive week that prices have moved higher, and may be a sign that the market is starting to get some support in a year that has seen gas prices tumble in six out of nine weeks. “The rebound seems to coincide with the reopening of the Freeport LNG export terminal as well as the possibility that we could get some weather,” Price Futures analyst Phil Flynn said Friday. At the same time, gas bulls are optimistic that announcements by some Haynesville Shale producers that they will curb activity will eventually manifest in slowing production growth. “Hitting the brakes on growth won’t be easy in the Haynesville Shale,” East Daley analysts wrote Thursday. “While producers plan to drop rigs this year in response to lower natural gas prices, supply gains are likely to prove sticky. … Productivity can be a double-edged sword as operators look to slow growth.”

Gas Demand, Gas Inventories, Gas Supply, Gas Prices, Gas Pipelines
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