Concerns From Europe

Daily Continuous

While the NYMEX continues to range trade the European and Britain gas contracts have been screaming, eclipsing the highs from early October (same period that the prompt Nov set the high for NYMEX). My concern is that the run over the pond finds its way to the US as it did last fall. So far, the mild forecasts have provided the hedge folks with a good short if long the Dutch contract. That is what bothers me if those shorts are forced to cover due to forecasts changes. Will look at the data from the CFTC over the weekend to find any clues. Until then, will continue to work the range.

Major Support: $3.734, $3.63, $3.584-$3.522
Minor Support:
Major Resistance:
$3.91-$3.93, $4.02, $4.127, $4.20

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