In the early morning — prices declined to $2.425 but when other folks got into the office prices found some light support (likely some modest short covering from those who had sold it down to $2.425) to carry price action during the day. Not sure why that area held support (a penny off of my range of support) but this is not an exact science. Today is storage day and all sorts of volatility is quite likely. Looking at it from a large picture– the winter is still a little extended to the upside and the differentials between some of the months provides a cautious approach. Lets see where this storage report takes us.
Major Support: $2.544, $2.518-$2.496 Minor Support: $2.388-$2.415 Major Resistance: $2.905, $2.928
