Category: Daily Call

Daily Continuation

Prices closed the week on the August lows and concluded that the Q2 high was confirmed with the double top ( July Contract) discussed previously. We are headed into a historically weak period of the year (Q3 lows) that have been discussed here for several years. Brought to attention some of the issues and ancillary technical problems that could effect the market in the coming months in the Weekly section. The market has placed itself at a important level and now will need to define the key support for the coming month.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support : $2.64, $2.448, $2.168, $2.12, $2.00, $1.967- $1.94
Major Resistance: $3.00, $3.16

Daily Continuous

Prices continued to decline and almost got to the expiration price of July gas before finding support and finding some gains. Need to watch how prices behave in the next day or two. The weekly expiration will provide us some indication as to bias.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support : $2.64, $2.448, $2.168, $2.12, $2.00, $1.967- $1.94
Major Resistance: $3.00, $3.16

Daily Continuous

No surprise here– have discussed it in the Daily and Weekly sections about the previous monthly expiration’s to be well – offered into expiration and to expect the same behavior until it doesn’t. Sure enough the July process was very similar to the previous months– but now we have to wonder about the premium afforded the August contract and the early morning trade may provide some clues.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support : $2.64, $2.448, $2.168, $2.12, $2.00, $1.967- $1.94
Major Resistance: $3.00, $3.16

Daily Continuous

Have discussed the trends of the last few months at expiration and it is clearly a bearish bias. Should it continue (expect another well offered contract) then prices will continue lower into the sub- $2.60 area.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support : $2.64, $2.448, $2.168, $2.12, $2.00, $1.967- $1.94
Major Resistance: $3.00, $3.16

Daily Continuous

Storage release should give us one of two options — if it is bullish to expectations, prices are likely to test the double top of the July contract seen below:

Daily Prompt July Contract

On the other side of the expectation potential will be a bearish report sending price back to the low of the July trading range (down to $2.70-$2.50).

Daily Continuous

After testing support earlier this week, prices showed some strength and crawled up to enter some of the near term resistance around $2.94-$3.00. We have a storage report that may effect prices– but I doubt it will have impact on the longer term bullish market bias.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support : $2.944, $2.64, $2.448, $2.168, $2.12, $2.00, $1.967- $1.94
Major Resistance: $3.00, $3.16

Daily Continuous

Price action continued its bearish seek of the low end of the trading range yesterday and seems to be seeking the low end of the range for the upcoming period. While there is some variation as history rhymes, prompt gas continues to follow the pattern of the spring/early summer of ’23. A year ago, prompt gas traded the May high on 05/19 at $2.685: this year at $2.924 on 05/23. The early June ‘23 seasonal low traded on 06/01 while this year on 05/29. The June ‘23 – Q2 high traded on 06/28…about $.15 higher than the May high ($2.839…after which expiring July faded to go off the board at $2.603). So far, the June ’24 high has traded $.235 higher than the May high. I am always startled by how a commodity like natural gas seems to follow some of its historical traits. Let the low range become defined as the fundamental input is well established.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support : $2.944, $2.64, $2.448, $2.168, $2.12, $2.00, $1.967- $1.94
Major Resistance: $3.00, $3.16

Daily Continuous

Expected some strength at the end of last week but got further weakness that extended the declines. Was expecting weakness but thought it would come this week. Now were going to develop the low end of the range that will likely carry through the July 4th historically weak period.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support : $2.944, $2.64, $2.448, $2.168, $2.12, $2.00, $1.967- $1.94
Major Resistance: $3.00, $3.16