Some house keeping issues first— above you will see the expiration of the Feb contract and it trading as high as $7.346. Unfortunately, the charting software that I currently utilize does not consider the expiration day in its Continuation patterns. Because of that the Weekly continuation chart below does not have that day in its profile — I am going to seek a remedy to this situation this coming week and see what can be done.
The expiration related price spike took February to 7.346…the highest price since October ’08, and it became the eleventh straight contract month to rally during the closing days of their tenure. February gas declined from the low volume spike to go off the board at 6.265, the highest since December ’08 gas settled at 6.888.