Production recovered a bit, LNG is holding, and weather is strong now, but projected to drop in the sense of TDD (Total Degree Days).
I have a stop on my UNG short position where I entered the trade at $11.77. EIA today will be pretty important. November contract is still going to follow cash lower if storage builds much, especially in South Central. There could be enough movement to knock me off and then continue lower, but I’ll be ok if that happens.
I rolled SLB out and down. for the 67c in additional options premium. This will drop my max gain down to $21, but my break even has been dropped to $16.79. I think it’s a good trade for the situation. And in 30 days, if SLB can keep it together in this price range, I’ll have a chance to roll again. I don’t like the idea of holding this trade, just to squeeze out a $20 gain; the hope is I’ll get the chance to roll again and make more than $20 by the end of the year. A little at a time.
I have the stop on UNG and I’m just holding UNL. Good luck today