US NATGAS: EOD Waha: fundamentals relatively unchanged, price plummets

• +10,000 TUH5 102-17.88, post time offer at 1456:35ET, DV01 $369,000. The 2Y contract trades 102-17.75 last (-4.62).

• Major stock averages trade mixed late Wednesday, well off this morning's post-CPI related lows, some desks said sentiment improved after President Trump confirmed call with Russia's Putin Call to end war in Ukraine. Currently, the DJIA trades down 204.88 points (-0.46%) at 44392.64, S&P E-Minis down 14.75 points (-0.24%) at 6077.5, Nasdaq up 28 points (0.1%) at 19672.59.
• Consumer Discretionary and Consumer Staples sectors led gainers in the second half, autos and travel related shares buoyed the former: Tesla +5.04%, Airbnb +4.32$, GM +2.31% while Expedia gained 2.25%. Broadline retailers supported the Consumer Staples sector: Kroger +1.0%, Walmart +0.90%, Walgreens Boots +0.80%.
• Conversely, Energy and Materials sectors underperformed in late trade, oil and gas stocks weaker as crude prices pare early week gains (WTI -1.98 at 71.34): Diamondback Energy -4.09%, APA -3.93%, Devon & Valero Energy both declining -3.5%. Container & packing shares weighed on the Materials sector: CF Industries Holdings -6.50%, Smurfit WestRock -5.00%, Mosaic -4.75%.
• Reminder, expected Wednesday afternoon earnings include: Equinix Inc, MGM Resorts International, Reddit, Robinhood Markets, Albemarle, AppLovin, Williams Cos, Corebridge Financial, Aurora Innovation, Dutch Bros, HubSpot and Cisco Systems.

• RES 4: 162.70 High Jan 28 
• RES 3: 162.49 High Jan 29    
• RES 2: 161.09 50-day EMA
• RES 1: 160.38 High Feb 12
• PRICE: 160.07 @ 16:11 GMT Feb 12  
• SUP 1: 157.90/155.61 Intraday low / Low Feb 10 and the bear trigger 
• SUP 2: 155.15 Low Sep 16 ‘24
• SUP 3: 154.42 Low Aug 5 ‘24 and key medium-term support
• SUP 4: 153.87 Low Dec 14 ‘23  

EURJPY is sharply firmer Wednesday as the cross extends the rebound from Monday’s low. MA studies are in a bear-mode position and this suggests that the latest recovery is likely a correction - however today’s rally shows the correction has legs. Initial resistance at 159.93 has given way, shifting focus to key resistance at 161.09, the 50-day EMA, where a break would highlight a stronger reversal. The bear trigger lies at 155.61, the Feb 10 low.