By reading The Daily Call, you are aware of and adhere to the ecomenergy terms of service.

Storage Near Expectations -- Prices Consolidate

Daily Continuous

Daily Continuous

Major Support: $2.83, $2.711, $2.708, $2.654, $2.58, $2.568-$2.522, $2.495

Minor Support: $2.875, $2.793, $2.78, $2.682, $2.61

Major Resistance: $3.005-$3.039, $3.081, $3.131, $3.183

Now that trade is moving on to the July contract with options expiring today it is wise to remember that $3.00 is likely to have some volatility around it.  I do not think that prices will challenge that area, just wanted to make you aware.  Rather, I think prices will spend some time consolidating the break out that occurred on Tuesday. I am now starting to hear in the press about the storage issues discussed here for the last month.  I did find it interesting that the AGA has been quoted as stating that the market only needs to inject 12 Bcf/d to reach 3.5 TCF.  Folks that is still 84 per week on injections through the summer.  We will need more than Rover to save this scene.  BTW does the AGA think 3.5 TCf is good for the winter?  Guess last winter (with a warm early stage) softened their stance and memory.  Those are fundamental issues — I will concentrate on the tech side of prices which is now turning to a more positive bias — but not out of the woods (bears defecate there) yet.  Do to a travel schedule I am not sure there will be a Daily on next Tuesday.

Past Daily Calls