History has a tendency to repeat itself and I have discussed the history for early June trade to weaken with the July as prompt. That happened again yesterday as price tried to break below last Friday’s low for July gas only to find buying once again. Seems like a fair amount of struggle is going on between the early morning camp which likes to send price down to support (speculation between 5 and 7 am CDT) followed by the physical delivery folks (between 7 and 9 am CDT). Not sure whats going on there but it is interesting to trade around. Again, the market is in a range trade environment for now and trade it accordingly.
Major Support: $1.611-$1.59, $1.555-$1.519 Minor Support: $1.82, $1.705-$1.649 Major Resistance: $1.90, $1.974, $2.019- $2.029 Minor Resistance: $1.864-$1.896
