The four day run in prices reversed yesterday after the storage report was released. Though prices did not really collapse until later the morning when folks realized there weren’t a bevy of buyers out there. Unless the folks are going to use the Europe situation as support for the US market (rather bizarre at this point for reasons already discussed) then prices are likely headed to test support. BTW– the Dutch and UK futures market are showing gains yesterday around 7% last time I checked. This is after declines the previous days. Depending on how any conflict is interpreted by the players — expect a test of support $4.25-$4.15 in the near future.
Major Support:$4.38, $4.26, $3.972, $3.734, $3.63, $3.584-$3.522 Minor Support: $4.48, $4.168 MajorResistance:$4.664, $4.735, $4.825
