Category: Daily Call

Not Much To Add

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Not sure what can be added to the last couple of Daily’s as the market remains in the tight range from late last month, regardless of the war and an anemic storage injection. Would expect the close of week as slow as the last couple of days.

Major Support: $3.051, $2.87-$2.84, $2.640-$2.57
Minor Support/Resistance : $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

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Late PM Catches Bid

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Was listening to the news yesterday afternoon and nothing crossed my eyes that would catch the mark at the end for a $.15 rally. All I read was the the storage number was to be the first injection and a large one at that. Not exactly bullish news. Again, due to the war and impact on Crude (up slightly on the day but well off of its highs) technical and fundamental news can bias the market (volatility) in odd ways.

Major Support: $3.051, $2.87-$2.84, $2.640-$2.57
Minor Support/Resistance : $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

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Been Here Before

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We have been here before, trading lower testing support, the question this time is the same question remains. Does the market have enough sellers (in spite of the war) to break through to lower levels testing mid-range support.

Major Support: $3.051, $2.87-$2.84, $2.640-$2.57
Minor Support/Resistance : $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

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Energy Complex Quiet

Daily Continuous

Crude and gas markets were quiet yesterday coming off the weekend. Until there is something dramatic in the the crude pit (one way or the other) I would look for gas to remain in the range discussed in the Weekly section.

Major Support: $3.051, $2.87-$2.84, $2.640-$2.57
Minor Support/Resistance : $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

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Crude Leadership Slows?

Daily Continuous

While it is likely that NatGas will follow the rallies and support found in the Crude trade- it is becoming evident that the Crude trade may be “calming” which will limit any dramatic moves in gas. Trade seems to be quiet in the early Sunday night markets in both commodities. While traders looked to the weather report releases a month ago– now we have to watch the news channels. One solid element of trade, with the slowing of volatility — options can provide a lower cost avenue for directional bias.

Major Support: $3.051, $2.87-$2.84, $2.640-$2.57
Minor Support/Resistance : $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

Storage Gives Neither Support or Selling

Daily Continuous

Storage report provided little directional bias and the market responded accordingly. I did find it interesting that the gas market remained flat while the crude market was up over $5.00 (nearly 6%). It seems like the two commodities are separating their relationship and or linking that occurred two weeks ago.

Major Support: $2.87-$2.84, $2.640-$2.57
Minor Support/Resistance : $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.26, $3.42, $4.063, $4.086, $4.593, $5.333, $5.496

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Stool Found the Fourth Leg

Daily Continuous

Discussed yesterday that the market lost one of its legs with the declines in the crude market. That analysis was laid to rest yesterday with Gas coming back during a rather tepid run in Crude, It now rests at the initial near term resistance and I will be interested if it continues to run (not sure of the fundamental reason for a rally) or just gives up the gains and returns to test the support side of the range. Today is storage report and perhaps the market will find some bullish inference from the report .

Major Support: $2.87-$2.84, $2.640-$2.57
Minor Support/Resistance : $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.26, $3.42, $4.063, $4.086, $4.593, $5.333, $5.496

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It Was a Weak Stool

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Suggested yesterday and in the Weekly that any rally associated with the rally in Crude it could on on thin ice should the Crude market correct. Such was the case yesterday and now the market has returned to the support zone that the market has been working for the month. Not convinced that a decline will have the power to break down and below as the market still has to respect the Mid East situation.

Major Support: $2.87-$2.84, $2.640-$2.57
Minor Support/Resistance : $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.26, $3.42, $4.063, $4.086, $4.593, $5.333, $5.496

Trying to Find Its Crude Way

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Bouncing around the crude trade and Mid- East issues continues to affect Nat Gas. Discuss the Crude impact in the weekly section– but let me summarize here that Crude may have an impact on the rallies in Natural– but should crude fall down on its war rally gas will likely be limited to its its decline.– mid term support.

Major Support: $2.87-$2.84, $2.640-$2.57
Minor Support/Resistance : $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.26, $3.42, $4.063, $4.086, $4.593, $5.333, $5.496

Mideast Provides Limited Strength

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Welcomed my second granddaughter yesterday and of course she is just beautiful and healthy. The market got the initial run in prices with the middle east in war and crude up over ten percent. Now the trade will have to evaluate the impact of the war on the LNG markets and carry forward to the US market and during the evaluation would keep the range from Feb active in your mind for buying and selling,

Major Support: $2.87-$2.84, $2.640-$2.57
Minor Support/Resistance : $3.16-$3.148, $3.136
Major Resistance: $3.02, $2.97-$2.93, $3.787-$3.831, $4.063, $4.086, $4.593, $5.333, $5.496