Prices opened weak for the expiring Dec contract and traded down to $6.50 before expiration at $6.712. The January followed the declines in the middle of the night trade falling below $7.00 to $6.968 before finding support as the majority of traders came to their desks. From those early lows of the day, prices found firm footing and traded at a $.45 premium to the weak December contract. The result of the expiration is a premium to Dec expiration but within the recent range from Dec. The market will need to digest the weather forecasts and confirm the recent range or expand it either up or down. Historically, the market shows weakness in the early trade of the Jan prompt.
Major Support:$7.00- $6.93, $6.45, $5.72, $5.61-$5.44, $4.716, $4.705-$4.68 Minor Support: $5.47 Major Resistance: $7.532, $7.71-7.75, 8.021,
