Natural gas is being supported by a boost in LNG exports over the past month, partially due to the restart of Freeport LNG’s export plant in Texas.

Natural gas futures are edging lower on Monday as traders struggle with a key technical area at $2.685 – $2.819, It’s still in short-covering mode with the big boys trying to take out as many buy stops as they can before prices retreat.

Typically, the first leg up from a major bottom is fueled by short-covering. The real buyers come in on a pullback of the first leg as they attempt to form a support base. So we’re not going to be surprised if we see a test of $2.427 over the next couple of days.