Now winter is over. Time to archive my NG chart. look at monthly chart. The highs are getting lower and lower. seems like those NG manufacturer CEOs, NG physical traders know how much to produce, how much inventory to build, when to build inventory, how to better forecast weather .... resulting in rather stable (and low ) NG price.
NG, definitely oversold on the long term charts, still can go to 2, But its not just the frika frack, the Midwest and the east haven't had there normal weather wacks by old-man winter, we are close to a nice tear, but it's up to the old guy. This is nothing like the weather I've experienced in Chicago. https://www.theweathernetwork.com/us/weather/illinois/chicago?wx_auto_reload=
%% I think he meant, J Jones was not really bullish on NG like a trader would think. J jones sounds bullish , because he has been in oil gas production/ business + his NG cost of less than $1.00. And according to that WSJ article, he did not buy into that NG co, he traded his Balkan oil wells for it/controlling interest...…………………………………………………………………………………..
Natural-gas futures drop to their lowest levels since 2016 By Myra P. Saefong Published: Jan 17, 2020 1:37 p.m. ET https://www.marketwatch.com/story/n...evels-since-2016-2020-01-17?mod=mw_latestnews AFP/Getty Images Natural-gas futures traded as low as $2.002 per million Btus on Friday Natural-gas futures dropped on Friday, with ample U.S. supplies and forecasts for milder weather conditions sending prices to their lowest levels since May 2016. “The losses come down to a lack of winter, notwithstanding the chill in the consuming regions presently,” said Marshall Steeves, energy markets analyst at IHS Markit. In Friday dealings, the front-month February natural-gas futures contract NGG20, -3.32% fell 7.2 cents, or 3.5%, to $2.005 per million British thermal units, poised for lowest settlement since late May 2016, according to Dow Jones Market Data. “Withdrawals from storage have trended below average and we are now at the midpoint of the winter season in terms of heating degree days,” Steeves told MarketWatch. Data from the Energy Information Administration released Thursday revealed a decline of 109 billion cubic feet in U.S. natural-gas supplies for the week ended Jan. 10. That was bigger than the average 92 billion-cubic-foot decline expected by analysts polled by S&P Global Platts. However, working gas in storage at 3.039 trillion cubic feet were 494 billion cubic feet above the year-ago level, as well as 149 billion cubic feet above the five-year average, according to the EIA data. [Working gas is the “Production has continued to rise, though at a slower pace than last year, but there is no risk of running low on supply,” said Steeves. Weather forecasts also “suggest the current cold front won’t persist, so we may just get a week or two of above-average [supply] withdrawals as a result,” he said. A map from the National Weather Service shows high probability for above normal temperatures in many parts of the U.S. over the next six to 10 days, even as it forecasts hazardous travel conditions from the Plants into the Northeastern U.S. through the weekend due to a winter storm. “Unless we begin to see significantly colder temperatures show up in the extended forecasts into the back half of winter, the natural gas market is poised to continue lower in the months ahead amid healthy supplies,” said Tyler Richey, co-editor of Sevens Report Research.
Luckily I haven't archive my NG Chart. Big boys are still excited to trade NG. NG gapped down during opening. and then continued its downward journey. It went as low as 1.830. And Crude oil gapped up. Well. Better monitor NG chart for few more weeks.