Natural Gas Stocks Running out Of Steam
This morning, many of the leading natural gas stocks have faded from their highs at the start of the trading session. One of the leading stocks in the sector is Devon Energy Corp (NYSE:DVN). Today DVN stock is trading higher by 0.48 cents to $53.58 a share. This stock traded as high as $54.16 a share after the opening bell rang at the New York Stock Exchange. Short term traders can watch for some intra-day support around the $53.00, and $52.00 levels. This stock is now trading below the important 50-day moving average on the daily chart so the stock remains in a vulnerable technical position. Swing traders should note that there will be some daily chart support around the $51.00 area.
Some other leading natural gas stocks that traders should follow include Southwestern Energy Co. (NYSE:SWN), Chesapeake Energy Corporation (NYSE:CHK), Clean Energy Fuels Corp. (NASDAQ:CLNE), and Cheniere Energy, Inc. (NYSE:LNG). All of these stocks will often be affected by the price action in the natural gas futures. Today, natural gas for May delivery is trading higher by 0.3 cents to $4.14 per thermal unit.