Prices rocketed over 10% higher on some sort of news. I heard from some of you that the forecasts had added some total degree days to their for forecasts– but come on. I sarcastically mentioned last month in a Daily about the weather had not even been priced in (got a couple of readers to say I was on drugs) but yesterday is a perfect example of my sarcasm (not funny if you are short gas)– just a minor change in the weather forecast had a 10% impact on price– REALLY. All I had mentioned is that my guesses didn’t include any forecast. This market is so fragile on the supply / demand balance that a minor forecast change either in the U.S. or Europe could have a dramatic impact on price.
Major Support:$5.655, $5.275, $5.17, $4.88-$4.825, $4.61, $4.537,$4.375, $4.211, $4.156, $3.92
Minor Support: $5.489, $4.728-$4.70, $4.66
Major Resistance:$5.822, $5.964, $6.24-$6.493, $6.28,$6.466