Major Support: $1.611
Major Resistance: $1.98, $2.029,$2.08-$2.10
Minor Resistance: $1.883
What is up with this movement— some of the physical traders are questioning me on why prices are rising. No clue from the physical perspective as I don’t look or care about storage etc. Prices are rising so far this week because markets need to test support and resistance and gas is trying to test resistance after testing support last week. One physical trader said I was way off on 1.7 TCF for ending inventories—— DUH—- that was the low end of expectations (from what I hear) and the reason I sighted it was “who cares”, the weather forecasts and storage ending inventories are built into the market currently. Does 1.7 or 1.9 make any difference to the enormous short position currently in the market. Where do some of you think the current short position came from— (sarcastic rhetorical question).