The natural gas market last week traded down to the lowest spot price level since 1998 as the now expired March 16 contract bottomed out at a 1.682 low.
Last week's low was technically important as it nearly equaled the previous spot contract low set last December at the 1.684 level.
Early selling in today's trade has dropped the new front month April 16 contract back toward last week's 1.682 low as support. This support has held on the first test with today's current low for the April contract being 1.690.
1.682-1.684 remains a key support area for the natural gas market. If broken, the downtrend will resume with following support at 1.610, a monthly low from August 1998.
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