Natural Gas Fundwatch 05.04.12

Here is a sample of ESAI'S NATURAL GAS FUNDWATCH from May 04, 2012.

SUMMARY:  We are reiterating our cautiously bullish outlook issued last week.  Wednesday’s sharp sell-off and mid-day weakness on Friday indicate strong resistance in the $2.40 to $2.50/MMBtu range.  Both short-term and long-term technical indicators have turned bullish, however, suggesting the support at $2.00/MMBtu is significant. Open interest remains strong and growing participation from both the commercial and speculative side indicates that market forces continue to build. While speculators remain virtually flat (on-balance), the six month trend towards increased net-length combined with expanding open interest suggests more speculative money is flowing into the long side of the market.  ESAI is forecasting a 48 Bcf injection in next week’s report.  Find out more in this week’s Natural Gas Fundwatch Report

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