Mentioned earlier in the week that the expectation of prices to test support after June took over as prompt and that is what happened yesterday — but I must admit that closing some of the premium afforded to June was not expected. I thought the price action would carry down further into the closing range of the May contract. Apologies for the lack of a Daily but I did not know I would be without internet while up in Montana yesterday. The bearish storage report should of done more damage to prices than yesterday’s declines. We shall see if there is additional extensions lower today.
Major Support:$2.134-$2.14, $2.12, $2.00, $1.991-$1.96, $1.795-$1.766
Major Resistance $2.36, $2.836, $3.00, $3.536, 3.595