NYMEX Henry Hub Report
Date: March 17, 2010
Nat Gas has continued its slide and is currently trading at 4.314 as of 8:48am EPT, down three cents. Here are a couple of technical items of note: The first trading month of this contract had a low of $4.30, so we may see some resistance there. Second, the chart formation is weakly Bearish, but if we get through the $4.30 level, watch out – there may be a fairly fast dump to the $4 level.
Storage is shaping up to be in the low double digits which reinforces the Bears case and a mild entry into spring looks to do the same. Bulls have been hoping for some support from the energy complex but they are just not getting as Natty seems to be determined to hit the $4 level before April goes off the board. UK Nat Gas for next winter hit a new low and even LNG is having a hard time finding a home. Still a Bear today.
Resistance
4.455 4.655 4.789
Support
4.330 4.157 4.035
Drew Wozniak
Vice President, Market Research and Development
ICAP Energy LLC
Drew.Wozniak@us.icapenergy.com
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