Natural Gas Fundwatch, The Week Ahead - 10.27.09
Here is a sample of information from October 27, 2009 NATURAL GAS FUNDWATCH report.
Summary of Natural Gas Market: One Week Outlook and Key Factors
SUMMARY: Funds: Market composition continues to meander with no discernable pattern emerging suggesting no changes in market psychology over the short-term. Commercials and Non-commercials alike haven’t modified their positions very much over the past six months, suggesting the current trading range will remain in place into November. Technicals: Technicals have turned bearish. Although the downside is somewhat limited, a bearish reversal has occurred at the top of the longstanding trading range. Prices are now likely to trade down to the first support level ($5.00/MMBtu; basis December), and follow-through selling sending prices as low as $4.50/MMBtu is possible. Storage: ESAI is forecasting 29 Bcf injection in this week’s EIA report.