Category: Daily Call

Sunday Starting Stronger

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Discuss expectations for prices this week in the Weekly Section, working from the historical standpoint– will just add that the Sunday night trade showed a little strength which may or may not continue through the trade day. Trading for me is selling premium as prices trade to resistance and selling premium if prices trade to test support. Seems simple but in a range market (last few months) it has provided revenue.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.30-$3.26
Major Resistance:$3.46, $3.628, $3.86, $4.168, $4.461, $4.501,

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Premium Gone

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Discussed earlier in the Weekly Section that the premium afforded to the July contract would be tested after expiration and the price action closed the gap from the expiration range and the July contract in yesterday’s action. The July contract is now in the range from the June contract. Continue the range trade.

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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New Prompt — Gap Enclosed

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You already know what this Daily will be about — That is right the premium afforded to the July contract. Sit back and watch what happens.

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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Prices Remain Quiet

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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

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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

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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

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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

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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

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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

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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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