May 29, 2020
It’s boring Friday; the market more times than not, extends the trend on Friday. I wanted to mention weather has been very supportive to give demand a boost. Boosts from weather have always only been as good as the duration of the greater than average weather itself. The last couple months have been incredible for wx related demand, only to be overshadowed by the wuflu and those effects. There really isn’t much else to mention today. LNG is still showing some life, but don’t get too excited about that just yet. The oil report yesterday was supportive of crashing the oil party, yet prices still climbed a bit higher in oil. Oil is stalling out this morning; either way, if oil supplies are still too high, this is still great for associated gas.
UNG – 50% in with an average of $11.9
I have expect gas to fall hard today, I will have an order in place to buy more UNG with 10% of funds at $10.85. This is roughly equal to $1.75 for July contract. No plans to sell, but if I see my break even again, I’ll reduce 10%. Have a good weekend all