Discussed yesterday about the March contract seemed to be “going it alone” in the recent run. As discussed the summer strip was not as enthusiastic for higher prices and remained calmer. Perhaps yesterday’s action confirmed why, as a significant storage number was sold into and after the release. Next week’s number will be higher (according to some who track) and while yesterday’s release put current levels at a deficit to last year next week’s release may show inventories at a deficit to the 5 year average. That is all the fundamental stuff I hear but from a technical standpoint– depending on how tomorrow closes several technical considerations may come into play.
Support:$2.98-$3.05,$2.373–$2.356,$2.255-$2.176 Minor Support: $2.806, $2.71, $2.60-$2.554,$2.483, $2.162 Major Resistance: $3.316-$$3.396, $3.486 Minor Resistance:$3.172
