wmeubank@ocp.kcmo.com
COMMODITY REVIEW AND OUTLOOK
195 Route 6A, Suite 6,
Orleans, Massachusetts
(June 11, 1997) ENERGY: NATURAL GAS--August natural gas is still in
a liquidation phase. Rallies have been met with renewed selling.
Support at 214 has held the market thus far. The market may gain
some support over the next week based on ideas that it is warming
up, especially in the northeast, but longer range forecasts suggest
cooler temps returning thereafter. While this market could have
substantial upside as the summer AC season begins, for now I would
stand aside.
RECOMMENDATION--Play the swings or stay on the sidelines. Sell
August natural gas near 2200-2210 with stops above 2214 or of 3050
points, and/or buy a dip to 213 or so with stops of 30-50 point or
under 2090.
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