Looks like weather is still the main priority. It’s like a relief the market is bouncing around on changes in the forecast, yet you don’t really know what’s coming next. I like these ranges to trade a little within the range. Just don’t need to lose sight of the bigger scope here. The price could break out in either direction from this range, and I need to stay prepared for that. I would like to think I’m positioned well enough to make money.
The weather is still giving and taking HDDs and the chart is still holding in the latest range. I really felt like the price could continue up today, but the latest forecast took away 12 HDDs, as usual. I don’t have time to look at other factors. I’m going to have to assume everything else is pretty much the same. It is Thursday, so anything goes. EIA report at 10:30 eastern time.
I’ll be holding on to my 89% of funds in UNG, and looking to buy 1 share of UGAZ back soon. I’m setting a limit to buy 1 share (roughly 4% of funds) of UGAZ at $43.5. If this UGAZ order is filled, I”ll be happy to sell that same share for $46.2 again. I have enough settled funds in my account to buy and sell today. If the natgas prices fall to a new low, I may not be around to see it, but no orders to buy other than the one at $43.5 for now. I don’t want to buy too much UGAZ if I’m not sure, and Thursday with storage that is going to come in lower than the 5 year average is not a good day to take guesses on where the bottom will be. Good luck