The NYMEX May natural gas futures contract jumped 10.7 cents to $2.018/MMBtu Thursday, marking the first time a prompt-month contract has settled above the $2 mark since February 10. Amid some cooler-than-normal forecasts for April, the market shrugged off a bearish storage report. US natural gas storage volumes rose 12 Bcf to 2.48 Tcf for the week ended April 1, according to the US Energy Information Administration. That set a record high for this time of year, breaking the previous high of 2.474 Tcf set in 2012. The storage data was also bearish compared with the five-year average of a 19-Bcf withdrawal, according to EIA data. “However, this may not be enough of a shock to offset the late-season heating demand due to the current forecast for colder-than-normal temperatures,” said Timothy Evans, energy futures specialist with Citi Futures. “Prices may be able to absorb the bearish storage surprises and […]