US NATGAS: New England Update: second day of demand revision lower

• RES 4: 161.35 61.8% retracement of the Dec 30 - Feb 10 bear leg     
• RES 3: 161.19 High Feb 13       
• RES 2: 160.09 50-day EMA and key short-term resistance 
• RES 1: 158.61 20-day EMA
• PRICE: 156.90 @ 16:21 GMT Feb 26
• SUP 1: 155.82/155.61 Low Feb 21 / 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 unchanged and the cross maintains a softer tone. Sights are on key short-term support at 155.61, the Feb 10 low. Clearance of this level would highlight an important bearish break and set the scene for an extension towards 155.15, the Sep 16 ‘24 low, and 154.42, the Aug 5 ‘24 low and a key medium-term bear trigger. Initial firm resistance to watch is 158.61, the 20-day EMA. Key resistance is 160.09, the 50-day EMA.   

• Crude markets have extended yesterday’s losses today amidst concerns around the US economy following a weak consumer confidence reading on Tuesday.
• Prospects of a peace deal between Russia and Ukraine continue to add to bearish pressure, coupled with talk that tariffs will take effect from April.
• WTI APR 25 is down by 0.2% at $68.8/bbl.
• A bearish theme in WTI futures remains intact, with next resistance seen at $67.75, the Dec 20 ‘24 low.
• Meanwhile, Henry Hub has pulled back to its lowest level since Feb 18 amid the March 25 contract expiry today and weaker demand as temperatures have recovered from last week’s cold.
• US Natgas MAR 25 is down by 6.4% at $3.91/mmbtu.
• In the metals space, copper has outperformed today, after President Trump threatened to place import tariffs on all forms of the metal.
• Copper rose to a high at $475/lb early in the session, before paring some of the move, with the red metal currently up by 1.1% at $458/lb.
• Copper futures remain in a bull cycle, with initial resistance at $488.50, the Feb 14 high, followed by round number resistance at $500.
• Finally, spot gold is broadly unchanged at $2,916/oz.
• A bull cycle in gold remains intact with sights on $2,962.2, a Fibonacci projection. The first key support to watch is $2,882.4, the 20-day EMA.

• Stocks have retreated steadily from Wednesday's midday highs, apparently as President Trump's cabinet meeting rekindled trade policy uncertainty that has weighed on sentiment since last week. Major indexes are drifting off lows in late trade with the DJIA down 131.9 points (-0.3%) at 43487.73, S&P E-Minis down 1.25 points (-0.02%) at 5969, Nasdaq up 16.1 points (0.1%) at 19042.61.
• Consumer Staples and Health Care sectors continued to underperform in late trade, food makers weighing on the former with Hershey -4.28%, The Campbell's Company -4.15%, General Mills -3.72%, Mondelez International -3.70% and Archer-Daniels-Midland -3.69%.
• Managed care and product distributor companies weighed on the Health Care sector: Molina Healthcare -8.63%, Centene -7.74%, HCA Healthcare-4.63% and Henry Schein -4.46%.
• On the positive side, Information Technology and Utility sectors continued to outperform, semiconductor makers supporting the former with First Solar +9.62% after reporting a 27% revenue gain and positive guidance late Tuesday, Micron Technology +4.16%, Broadcom +3.85% and Monolithic Power Systems +2.42%. Note, NVIDIA has pared gains but still trades +2.75% ahead of this afternoon's earnings announcement (1620ET).
• Meanwhile, NRG Energy +10.60%, Vistra +6.32% and Constellation Energy +2.68% led gainers in the Utility sector.
• Earnings expected after the close: Howard Hughes Holdings, Magnite Inc, Agilent Technologies, Snowflake, Nutanix Inc, Synopsys, eBay, NVIDIA, Salesforce, Kratos Defense & Security, Paramount Global, Teladoc Health, Sweetgreen and Core Scientific.