Key levels if they don't hold: $4.83, $4.79, $4.76, $4.73, $4.65, $4.62 If right, expect fast move lower, trap retail rope a dope, (not straight line). Bulls may take one more swing up before final drop. Let's see how it plays out. Good hunting.
DEC 4th EIA PREDICTION -10 to -15 BCF (withdrawal) estimated is what it should be but most likely the report = +8 to+13BCF Injection is what it would need to be in order for price to go down and match the price targets below. if this plays out.
Natural Gas: Headlines vs Reality What media says: Polar vortex! Cold coming! Going to $6! What's buried: Record production, storage 5% above normal, "supplies comfortable" What market says:
January contract: $4.85 (pricing panic) NG1 February contract: $4.42 (pricing reality) NG2
backwardation. is telling us January is inflated, not that there's a crisis. $4.418 = where it's going
Watching these levels for support or bounce $3.95, 4.00, 4.20, 4.45
NG1! Update Dec 2nd
