Traders May Be Giving Up on May

Daily Continuous

Just a reminder — this will be the last week that the Daily will arrive in your email unless you subscribe to the website. Effective May 1, you will have to subscribe to the website to receive the Daily. This market seems to be forming a bias change and ecomenergy will be leading the analysis during the transition.

The market failed again to break above the key resistance on the storage report and it looks like the trade has give up on the May contract as the June contract traded back out to $.13. It looks like May will fall subject to positioning going into expiration next Tuesday. As mentioned a while ago on this website — the key to prices into the summer was going to be how expiration of May behaved and the differential to June. Will keep you posted.

Major Support: $1.611, $1.555-$1.519
Minor Support: $1.83, $1.78-$1.765
Major Resistance: $1.993-$2.025, $2.062,$2.08-$2.102
Minor Resistance: $1.968