Agreed. Also, just watching the last few expirations, seemed like there was a ton of buying in the front spread, only to see the next spread on the board sell off again.
LMAO! Had to think about that one before your reply, very original. Heard another funny one from a buddy that works for NASA, he told me all of us guys sitting around all day on computers are "hatching our nuts". Love it.
All of the energy guys I know in Houston (brokers I talk to on the squawk and IM, especially) are 'sitting in ball soup' in the summertime.
The model mayhem continues!! This winter is an absolute mess in trying to forecast as models are all over the place with El Nino. At this point in the game, it makes a huge difference as to not only the intensity, but when it peaks, literally the seperation of getting a cold core winter vs. a warm one. Add to this that when cash was trading sub $2 and V futs traded that same day down to $2.40, shale producers were salivating on the z-f-g and beyond prices that were much higher at that point. So we saw delays in fracking as to capture the initial flush gas until prices were much steeper. Well, now we are getting into the timeframe when those delays that were hedged, are going to get fracked and come online, so I see an uptick in production coming in the next several weeks, getting even more agressive after the turn of the year. So you see, it will take a perfect storm to avoid having a fairly large carryout going into spring. We NEED a colder winter.
Something wrong Natural gas price, I meant, Chinese are running out natural gas in many southern provinces now, yet the price is still falling(NA is warmer than usual). Strange world! same goes with lobster, price falling here in NA, yet Chinese pay almost $10 per 1/4 lbs for Australian lobster.
Papa, It appears some cooler weather is coming the early to mid part of this coming week, although it does not appear that it will last longer than 3-4 days. If you see anything significant weather wise, any updates would be appreciated. TIA.
If the traders getting off the subways in NY and Chicago are experiencing blustery cold weather while walking to work, the price usually goes up even if only for the day. That's my experience from watching the markets. I'm sure others know better then me.