So weather shifted bearish again, and production is back online. I would believe that is pretty much it for the weekend. I did see a comment about LNG, but I have no idea the validity. It would backup my fear that the LNG market is flooded and there is no where to go with all that gas. It could just be there is a a temporary delay when offloading gas to China since they are not being very cooperative over this virus situation. I have not mentioned in a long while manged money positioning, which is still showing record short numbers. This has allowed me some comfort in my UNG holdings.
As for me, I’m going long; adding rather.
It appears as though support will become resistance. At least I see the potential. Natgas gapped below my support line, only leaving me to believe prices are going to enter a new range here.
I believe this may be a bit early, but I’m placing a limit to buy UGAZ with 4% right now at $40.85 I will plan to wait on adding to this. If the market decides to go higher, I hope to get above $44 to sell UGAZ
I’ll continue to hold UNG with 89% of my funds. I will soon have a page with my current holdings that can be viewed any time. Don’t get in a rush here. Good Luck