The NYMEX April natural gas futures contract expired on a high note, with the prompt-month contract settling at an eight-week high of $3.175/MMBtu, up 7.9 cents day on day. The contract, which tore through major resistance at $3.08 and then again at $3.147/MMBtu Wednesday, was fueled by supportive storage report expectations and book-squaring as markets prepare to enter an injection season clouded by bullish supply and demand fundamentals. Where book-squaring ahead of the contract’s roll provided some support, weather forecasts effectively capped upside movement. The latest National Weather Service temperature forecasts call for above-average temperatures overtaking all but small portions of the Northeast and Northwest in both the six- to 10-day and eight- to 14-day periods. Markets are more focused on Thursday’s storage report though, with the Energy Information Administration expected to report a 43-Bcf net withdrawal for the week ended March 24, according to a consensus of analysts […]