Natural gas prices retreated Wednesday as traders looked to lock in profits ahead of an update on storage levels. Prices for the front-month June contract fell 5.9 cents, or 1.2%, at $4.706 a million British thermal units on the New York Mercantile Exchange. Prices had jumped to near a two-month high on Tuesday, making Wednesday a good day for traders who bet on rising prices to sell and take their gains, analyst and brokers said. Traders didn’t want to push any farther ahead of the federal government’s weekly update on storage levels, due Thursday morning, analysts said. Stockpiles are slowly coming off of an 11-year low and the government’s weekly progress report has been one of the few factors that have sparked substantial price moves this spring. “Obviously the resistance (to trading) at $4.80 is a little stronger than people expected,” said Gene McGillian, a […]