With Wednesday's storage numbers, Nat-Gas is now something like +12% over the 5-year storage average. That's massive.
Is it sleeping gas here or what ? C'mon guys. Natty failed on the 6 bucks resistance. BUT TA gives some encouraging signals on MACD and DMI (divergences).
Not so massive when you consider a few weeks of below average winter weather can wipe out that deficit entirely. We were hitting 200-250bcf (7%) withdrawals per week this winter. On the other hand, no winter weather and who knows. A fascinating market -- inelastic supply, elastic demand.
Still short, although several very interesting waves are coming off the coast which may develop, would still love to see 4.50 cash, but ready to switch at any time. First time i have seen a wave that has caused me some concern, but give it 2-3 days to see if it develops, time will tell. The Sahara dust seems to be diminishing.
The trading gods saved my ass with that huge runup. I'm still holding my longs, I got a feeling we're going to 6+ tomorrow. Crude is flying. Let's see if the trading gods continue to bless me.
Amazing intraday turnaround in CL today. Too many leaning on the short side, I am not sure? This week will be interesting for energy futures it seems...
Yeah, the move in crude was big, but it was only 2.5% off of it's low compared with the nearly 13% that natty rallied from low to high on the session. Natty rallied from 5.65 to 5.97 just in the last 30 minutes of trade! The only catalysts I am aware of are potential tropical storm activity in the Atlantic and the attacks on Pemex's Mexico operations that affected as much as 25% of Mexico's natty production, but that were not expected to affect imports to the US according to Mexican officials. Everyone I know was perplexed by the magnitude of the move, including myself, but there doesn't always have to be a reason, as I am oftentimes forced to remind myself...