Nat Gas Prices Back Over $8 as Bulls Remain in Control After Quick Plummet to $6.50

May 17, 2022: After three nearly 50¢ swings Monday, what madness will unfold in the nat gas markets today? Overnight weather trends were minor but still with strong enough demand the next 15-days to hold deficits near -300 Bcf. US production trends were also minor in recent days, suggesting yesterday’s wild swings weren’t event driven but simply more of the same wild volatility that’s plagued the nat gas markets the past several months. Bulls yet again bought yesterday’s dip and used tight supplies, underperforming US production, an expected hotter than normal US summer, global inflation, and the continued Russian invasion of Ukraine as justification. Bears have had little go their way the past few months, and that continues. For today’s trade, will bulls be able to hold $8 on June’22 contracts after failing to do so yesterday?