Natural gas futures managed to hold onto early gains midweek despite little change in fundamentals. The May Nymex gas futures contract traded in a nearly 10-cent band before settling Wednesday at $2.520, up 6.4 cents day/day. June picked up 6.1 cents to reach $2.597.

Spot gas prices were mixed on Wednesday as the low price environment likely started to incentivize power burns. NGI’s Spot Gas National Avg. climbed 4.0 cents to $2.280.

After some stubborn technical resistance came into play on Tuesday, the prompt month climbed early on Wednesday after the Global Forecast System model gained 10 heating degree days on further colder trends for April 14-20, putting it in better agreement with the European data, according to NatGasWeather. Both models see more impressive cold shots...