Nat Gas

Nat Gas at interesting spot. Daily at 200 day, MACD at same level as the major September bottom. Weekly at 50 week, MACD approaching zero line. Chart support at same level. Bullish seasonality coming into play (http://www.seasonalcharts.com/future_energie_naturalgas.html).


I'd like to see price take out the November lows here, shake a few people out, then reverse on volume. If that doesn't happen will consider entry on reversal candle.

Contango has been bleeding UNG dry, but it's not so bad now, about 1% of front month contract:

Month	Charts	Last	Change	Prior Settle	Open	High	Low	Volume	Hi / Lo Limit	Updated
Apr 2010		4.575 a	+0.048	4.527	4.571	4.580	4.563 a	264	7.527 1.527	6:41:07 PM CST 3/8/2010
May 2010		4.632	+0.042	4.590	4.665	4.690	4.631	102	7.590 1.590	6:11:18 PM CST 3/8/2010
Jun 2010		4.696	+0.037	4.659	4.696	4.696	4.696	1	7.659 1.659	6:06:33 PM CST 3/8/2010

Inventories:
Rig Counts:

2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010
786	1107	883	837	1106	1242	1464	1695	1774	1623	1220
781	1121	856	851	1127	1258	1467	1717	1744	1589	1248
777	1128	869	845	1087	1263	1472	1745	1732	1568	1282
755	1116	859	862	1084	1256	1487	1699	1747	1515	1317
757	1138	853	873	1117	1248	1513	1714	1763	1472	1335
762	1137	838	884	1111	1280	1532	1731	1755	1399	1346
773	1147	815	905	1114	1295	1545	1746	1773	1339	1345
760	1121	792	928	1134	1281	1543	1754	1771	1300	1373
790	1151	782	912	1129	1290	1531	1752	1763	1243	1396
768	1158	769	929	1134	1282	1532	1757	1802	1170
764	1151	753	927	1128	1320	1546	1740	1792	1126
768	1163	750	946	1150	1331	1571	1745	1784	1085
775	1193	761	962	1160	1329	1576	1749	1808	1039
797	1200	738	972	1138	1327	1579	1726	1830	1043
809	1198	747	979	1150	1348	1610	1758	1815	1005
817	1213	749	994	1146	1343	1591	1769	1827	975
798	1212	766	986	1161	1325	1608	1747	1842	955
833	1217	776	1001	1153	1324	1625	1747	1839	945
830	1232	812	1021	1162	1308	1627	1740	1846	928
849	1225	829	1040	1172	1315	1639	1744	1862	918
864	1262	859	1050	1169	1331	1649	1760	1889	900
866	1270	854	1059	1168	1353	1657	1774	1877	899
840	1264	847	1054	1187	1339	1661	1760	1886	887
871	1266	844	1071	1171	1358	1672	1773	1901	876
893	1277	838	1067	1176	1370	1669	1771	1906	899
920	1275	840	1074	1201	1370	1666	1775	1913	917
913	1275	862	1077	1207	1394	1659	1752	1921	928
928	1293	848	1065	1211	1404	1668	1791	1922	916
950	1278	859	1089	1216	1410	1683	1790	1928	920
975	1266	833	1091	1229	1412	1714	1775	1957	943
981	1266	848	1097	1235	1436	1705	1781	1951	948
976	1248	854	1074	1232	1429	1728	1798	1967	966
994	1242	853	1096	1230	1433	1762	1795	1990	968
996	1251	838	1082	1239	1444	1756	1816	1998	985
1019	1252	847	1102	1249	1447	1732	1829	2031	999
1012	1216	851	1091	1240	1441	1728	1814	2013	1009
1012	1202	863	1095	1232	1436	1737	1787	2031	999
998	1186	852	1092	1239	1451	1754	1769	2018	1010
1015	1168	875	1095	1243	1483	1744	1760	1995	1017
1035	1141	857	1091	1230	1481	1724	1755	1979	1024
1045	1141	849	1109	1225	1482	1728	1767	1990	1041
1054	1100	843	1115	1250	1474	1739	1764	1976	1040
1084	1063	856	1090	1251	1480	1744	1760	1964	1048
1078	1058	854	1107	1268	1496	1739	1795	1971	1069
1067	1010	826	1114	1259	1479	1693	1801	1992	1078
1057	993	830	1111	1268	1478	1696	1797	1941	1101
1064	986	826	1107	1251	1491	1697	1773	1941	1113
1090	952	835	1113	1245	1460	1717	1823	1866	1137
1088	928	852	1111	1250	1483	1724	1828	1852	1141
1107	907	850	1109	1234	1463	1716	1824	1790	1161
1087	882	860	1112	1257	1475	1723	1809	1764	1193
1114	887	862	1114	1243	1471	1710	1782	1721	1178
			1126						1189
918	1156	830	1032	1192	1383	1649	1768	1879	1089	- Avg