A lot of you fundamental traders have been alerting me to the big working gas reclassification coming in the report today. Trust me — if I know about some fundamental related issue — the world knows about it. It will be interesting to see how the market trades around it — my inclination is to approach with caution — failed at the highs lets see how the market defines support after digesting the PG&E “adjustment”. Question for you conspiracy folks against gas utilities– do you think there is a possibility that the utility (or its storage management division) bought some PGE basis prior to the announcement — say for the last quarter? Just asking.
Major Support: $3.198, $3.12, $3.00 $2.914-$2.886, $2.78, $2.71-$2.70
Minor Support: $2.694
Major Resistance: $3.321-$3.33, $3.396, $3.482