...In fact the spot futures contract once again worked its way to the upper range resistance level of $4.16/mmbtu only to fail to breach and settle above this level for the third time this week. This failed attempt was after Tuesday's failure to breach the lower range support level of around $4/mmbtu. By the end of Wednesday's trading session the market shed about half of its intraday gains and settled in the middle of the trading range....Here's today's action via FinViz:
Note the dreaded House with Gingerbread Gothic Gable pattern which appears to be forming.
$4.14, last.
From the EIA:
Weekly Natural Gas Storage Report
for week ending April 5, 2013. | Released: April 11, 2013 at 10:30 a.m. | Next Release: April 18, 2013
| Working gas in underground storage, lower 48 states Summary text CSV JSN | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Historical Comparisons | |||||||||||||||
| Stocks billion cubic feet (Bcf) |
Year ago (04/05/12) |
5-Year average (2008-2012) |
|||||||||||||
| Region | 04/05/13 | 03/29/13 | change | (Bcf) | % change | (Bcf) | % change | ||||||||
| East | 646 | 662 | -16 | 1,089 | -40.7 | 738 | -12.5 | ||||||||
| West | 337 | 330 | 7 | 352 | -4.3 | 265 | 27.2 | ||||||||
| Producing | 690 | 695 | -5 | 1,036 | -33.4 | 736 | -6.3 | ||||||||
| Salt | 168 | 166 | 2 | 258 | -34.9 | 136 | 23.5 | ||||||||
| Nonsalt | 522 | 529 | -7 | 777 | -32.8 | 599 | -12.9 | ||||||||
| Total | 1,673 | 1,687 | -14 | 2,477 | -32.5 | 1,739 | -3.8 | ||||||||
