I am starting off this week from a comment that an old friend and someone who has tracked natural gas commodity trading since the inception of the contract (Larry Marshall)… “Over the thirty plus years that this observer has watched and commented about weekly fluctuations in the natural gas market the number of times that a prompt has closed unchanged from the price on the previous Friday can be counted with the fingers of one hand…but that’s what happened during the pre – holiday last full week of June’s tenure.” I think my title sums up the gas market this past week.
I opined that the market may pause at the gap left on April 29th, but instead June hardly paused at the gap and the slightly rising 200 – day SMA before trading a new low for its tenure as the prompt contract with the close on Monday nearly at the low ($3.110 v $3.098) with increased volume, clearly appearing to be poised to test its April low. Remarkably, June retraced 50% of the decline from its May high with the highest volume since April 10th before fading to the aforementioned unchanged weekly close.
