Hi CeeJay,
I suspect you are right.
Price did tag 2.962 but now headed back toward 3.

I took that report as bearish, and that was a long half hour bump after I closed when price got up to about 3.05. It looks like the big players took awhile to get their heads around that report ???

My guess is that the big players that can use Ng now are grabbing whatever they can get some folks to part with while the price is still low. There were some pretty big 1 min. bars that traded 3 and 4k contracts !!

Will wait/see, watch/learn .... price now getting back above 3..... and dropping again.
I imagine there are still some producers that want to put some cash in the bank before price can go much lower since the Ng market is still a bear !!!

Good Luck,
Lee