The $2.80 level underneath is a level of support that we’ve seen play out over the last 2 weeks, and as things stand right now, it just doesn’t look like we have a lot of momentum to break out in one direction or the other.
Historically speaking, this is a fairly quiet time of year, and that is still playing out despite the fact that natural gas futures in Europe are just ripping to the upside. I saw here recently that over the last month or so, they’re up about 50%. This is a US contract, never forget that, so it really doesn’t matter what happens in Europe until they start talking about importing natural gas from the United States. At that point, things become a little bit more interesting.
Ultimately, this is a market that is basically sideways. Short-term traders will continue to perhaps look for back-and-forth trading opportunities. Not a lot of volatility here. Again, we’re trading the August contract, so there really shouldn’t be.