Gas at 2 bucks?

I'm going to take a look at this and make a trade based purely on a technical decision, ignoring completely the state of fundamentals despite agreeing with much of the pro to your arrogant con attack.
And I'll post my results week over week here so in a month or two, or perhaps over the next year just to make it entertaining for other readers, tear you a new asshole.
pucker up.
because this is going to hurt.
x.

 

Of course traders are always trying to glean info from market data, but in this industry it's more like poker than head and shoulders, wave count, shit like that. Just my 2c.

 

Hey jerk,

If you knew who I was you'd know I'm not exactly a "newbie."

Ignore the charts at your own peril.

Whether you trade in the black or red, the bottom line remains:

You're a dim-witted @sshole.

P.S., by your 8 posts per day average I can tell ET is the greatest gratification in your life.

P.P.S., it's my own fault for getting sucked into arguing with TROLLS. You're now on ignore, loser.

 

second that.
rb.

 

Hope this helps.
http://www.springer.com/economics/industrial+organization/book/978-3-540-79406-6

BT: Most of the big players I know in this industry rarely trade outrights, Almost every professional energy trader I know uses spreads , so most of them base their decision on fundamentals (vessels, storage, intermarket spreads etc).

 

Insult someone and quickly put them on ignore to make them look bad? That is the stuff of people who know they had nothing to say. And you didn't

 

so far, out your 3000+ posts, i haven't read one constructive, intelligent word from you TZ. if it was possible to put yourself on ignore, you'd be the only person on your list.

 

www.youtube.com/watch?v=Ru_3HvMihiU&feature=related

 

Natural Gas Drops Most in 2 Months as Supply Gains in Recession
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By Reg Curren

May 21 (Bloomberg) -- Natural gas futures fell the most in eight weeks after a government report showed a bigger-than- forecast increase in U.S. inventories, as the recession cuts demand for the industrial fuel.

Stockpiles rose 103 billion cubic feet last week to 2.116 trillion cubic feet, the Energy Department said. Analysts expected a gain of 95 billion. Supplies were 22 percent higher than the five-year average as factories and power plants trimmed purchases during the worst economic slowdown in a half century.

“This number surprised everyone it appears, so there’s a violent reaction,” said Brad Florer, a trader for Kottke Associates Inc., a commodity futures broker in Louisville, Kentucky. “This is just another sign that this economic turnaround we keep hearing about may not exactly be in place yet. Let’s call it a mirage, so far.”

Natural gas for June delivery fell 33.4 cents, or 8.4 percent, to $3.638 per million British thermal units at 12:49 p.m. on the New York Mercantile Exchange, the biggest decline since March 26. Gas futures have dropped 35 percent this year.

All but one of the 22 analysts surveyed by Bloomberg predicted a stockpile gain of less than 100 billion cubic feet in the week ended May 15. The median of their estimates was 95 billion, and the five-year average rise for the week is 90 billion.

Industrial consumption of gas is forecast to tumble 8 percent this year because of the lingering recession, the Energy Department said on May 12. Overall U.S. consumption is expected to contract 1.9 percent.

Prices and Demand

“I never believed that demand was commensurate with the run-up we’d seen in prices,” said Michael Fitzpatrick, a vice president for energy at MF Global Ltd. in New York, who correctly forecast a supply increase of 103 billion cubic feet. “There’s still a lot of supply coming in every week.”

Futures had rallied 45 percent from a low of $3.155 per million Btu on April 27 through May 13 before retreating over the past week on expanding inventories and less confidence in an economic recovery.

Federal Reserve officials see “significant downside risks” to the outlook for the U.S. economy, according to the minutes of an April meeting released yesterday. Policy makers don’t anticipate a fuller recovery in the economy until 2011.

A slower rebound from the recession would limit demand for natural gas. Factories and power-plants together consume 58 percent of U.S. output.

‘Extended Stay’

“The recession seems to have settled in for an extended stay and there are clearly not going to be any successful quick fixes,” Peter Beutel, president of Cameron Hanover Inc., an energy consulting company in New Canaan, Connecticut, said before the report was released. “Industrial demand’s resurgence is not even on anyone’s horizon yet.”

More Americans than expected filed claims for unemployment insurance last week, the Labor Department said today. The total number of people collecting benefits rose to 6.66 million, the 16th consecutive weekly record.

Gas has tumbled 73 percent since reaching a 2008 high of $13.694 per million Btu on July 2, as factories were shut because of sliding consumer demand. The U.S. economy contracted 6.1 percent in the first quarter and 6.3 percent in the final three months of 2008, cutting industrial gas consumption.

The economy is contracting at a 1.1 percent annual pace in the current quarter, according to estimates from Macroeconomic Advisers LLC.

To contact the reporters on this story: Reg Curren in Calgary at rcurren@bloomberg.net.

Last Updated: May 21, 2009 13:10 EDT

 

Yawn.