Category: Daily Call

Prices Remain Quiet

Daily Continuous

Not much to add from the Weekly expectations published yesterday. The July contract remains at a significant premium to the expiring June contract that may reduce as the expiration concludes or early in the July prompt period.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :
Major Resistance: $3.26-$3.305, $3.46, $3.628, $3.86, $4.168, $4.461, $4.501,

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Two Week Close at Same Level

Daily Continuous

Discuss the issue of last week’s close at the exact level of the previous week in the Weekly Sections but needless to say it is a very rare event. Where do we go from here is more critical and all I can see is some brief further weakness into the historical seasonal early June (as prompt) strength post expiration. I am more interested into the premium give the July prompt and how that trades during the week.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :
Major Resistance: $3.26-$3.305, $3.46, $3.628, $3.86, $4.168, $4.461, $4.501,

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Back to the Range

Daily Continuous

With the storage release I was wondering if the recent strength would be curtailed and that it was. The heading says it all – back into the range that June has created.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :
Major Resistance: $3.26-$3.305, $3.46, $3.628, $3.86, $4.168, $4.461, $4.501,

Solid Bounce

Daily Continuous

Prices refused to extend down to the April low of June gas and performed a solid rebound. Not sure this is a rally that should be jumped onto — there is a solid possibility that further gains will be hindered by the storage release coming up. Regardless, the market continues to trade with in the range that June has developed.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :
Major Resistance: $3.26-$3.305, $3.46, $3.628, $3.86, $4.168, $4.461, $4.501,

Expect Additional Weakness

Daily Continuous

Discuss the expectations for trade this week in the Weekly Section, including the weakness associated from the open on Sunday night. When a market closes the week’s action at the lows for the week — more is going occur– confirmed last night.

Major Support: $3.26, $3.23-$3.18, $2.97, $2.727, $2.648,
Minor Support :
Major Resistance: $3.628, $3.86, $4.168, $4.461, $4.501, $4.551, $4.746-$4.75, $5.03

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Storage Release Confirms Declines

Daily Continuous

The slightly bearish storage data confirmed the near-term bias of declining prices. The Weekly close will be important for the near term price action but remember, we are still in a range for prices — just testing the low end of the range.

Major Support: $3.26, $2.97, $2.727, $2.648,
Minor Support :$3.423
Major Resistance: $3.628, $3.86, $4.168, $4.461, $4.501, $4.551, $4.746-$4.75, $5.03

Lows From Early May Challenged

Daily Continuation

Price declines started to challenge the lows from a week ago but not hitting the late April low for the June contract. Keep those targets in mind in your trading, but for now its just trading in the range.

Major Support: $3.26, $2.97, $2.727, $2.648,
Minor Support :$3.423
Major Resistance: $3.628, $3.86, $4.168, $4.461, $4.501, $4.551, $4.746-$4.75, $5.03

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Failure At Highs — Consolidation Continues

Daily Continuation

Price action rallied to a higher high only to feel the affect of altitude and retreated back into the comfort zone of the range for June gas. I would think that gas may make another run to the highs but it will need to close above the Moving averages converging just above yesterday’s close (see Daily Chart above) to catch some possible momentum.

Major Support: $2.97, $2.727, $2.648,
Minor Support :
Major Resistance: $3.628, $3.86, $4.168, $4.461, $4.501, $4.551, $4.746-$4.75, $5.03

Bullish End of Week

Daily Continuous

Discuss the price action in 2025 compared to previous years in the Weekly section, last week’s high close was a bullish indicator but consistent with history. Now, the issue is the continuance of the bias or failure at resistance, early Sunday night trade gives no insight.

Major Support: $2.97, $2.727, $2.648,
Minor Support :
Major Resistance: $3.628, $3.86, $4.168, $4.461, $4.501, $4.551, $4.746-$4.75, $5.03

Challenge the High Side –Failure

Daily Continuous

Prices challenged the high side of the range before the storage release and then relaxed to decline into the “range”. I would expect similar trade to- day with the potential for additional weakness.

Major Support: $2.97, $2.727, $2.648,
Minor Support :
Major Resistance: $3.628, $3.86, $4.168, $4.461, $4.501, $4.551, $4.746-$4.75, $5.03