Go into more specifics in the Weekly Section, but sentiment has changed in the gas market–yes prices are low compared to the last year but the near term has a more bullish bias to it than it did a month ago. A lot of the buying last week was mostly short covering (open interest declined 57,000 contracts — Thursday to Thursday). I do not need to remind you that short covering is great for a short term rally but not indicative to a long term that will take prices higher over time. Stay tuned this week, to see how the market responds to expiration and the recent short covering.
Major Support: $2.00, $1.991-$1.96, $1.795-$1.766 Minor Support:$2.47, $2.38-$2.26, $2.17 Major Resistance $2.707, $2.816-$2.836, $3.00, $3.536, 3.59
