Good to see the declines continue to test last month’s lows and now the question remains what about $2.00. Been here twice before and further declines will be interesting to watch. Folks in the press attribute the declines to production and recession fears. Not sure about the latter but according to the EIA report yesterday — Dry gas production continues to be strong. Recession issues will be offset by the power demand that was sighted in the Weekly Summary of the Storage report yesterday. We are at the low end of the range– trade accordingly.
Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Major Resistance $2.543-$2.604, $2.836, $3.00, $3.536, 3.595