- Production has increased
- More cancellations for August LNG
- Weather forecasts predicting average weather
This is the combination that is going to keep NG prices lower for longer. Support has become resistance.
It would appear that UNG could stay below $11.5 for a while longer. July NG pricing is at $1.75. This is incredible. This is some 20 year, record setting low pricing.
As you see here, NGN20 is as a record low for the last 20 years of July NG pricing. This is beyond me. I have no idea. I’ll stay long, as producers already are hurting and will continue to hurt much more that myself.
My position
UNG – 50% in UNG with an average of $11.9 – I will go ahead and add 10% here
I’m adding 10% as soon as I finish this post. The price shot down below my target of $10.85, currently near $10.9 for UNG. July is near $1.75, and I’ll add again soon. Not sure where yet. It could happen as soon as this afternoon. Of course I’ll reduce back to 40% holdings at my new average of $11.74ish for UNG. Good Luck
Oldinvestor