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Natural Gas (June)
Yesterday’s close: Settled at 2.807, down 0.006
Fundamentals: Today’s storage expectations are for a draw ranging from -11 bcf to -14 bcf. This is expected to be the last draw before injection season and weather is expected to take a pleasant turn over the coming days. Price action will trade more technically, but we are beginning to join the camp that pullbacks should be bought in anticipation of a hotter than expected summer.
Technicals: Price action is knocking on the door of major three-star resistance but has remained contained so far; a move out above here will likely pave the way to $3. We do not see tremendous value buying here but are looking for such on pullbacks.
Resistance: 2.8169-2.837***, 2.93**, 3.00***
Support: 2.66-2.69** 2.486-2.532****
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