Category: Daily Call

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

Daily Continuous

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

Daily Continuous

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

Daily Continuous

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

Interesting Start

Daily Continuous

My daughter is giving birth to my second grand child — short analysis today — work the rang.

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

April Is On the Clock

Daily Continuous

Prices are now off to the start of the April as prompt and starting from the low end of the range established in the last couple of week. No key technical elements to discuss except prices are at the low end of the range- therefore risk in buying prompt is minimal if you keep the stops tight at last months low.

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