Todays move was more about painting the board for month-end than anything, but it does show you just how short the spec trade is. I fully believe we will get a massive cold induced short squeeze in the coming weeks/month, I am not convinced we go just yet though. Cash market was absolutely whack for the weekend, extremely volatile. The Hub ran up strong, yet there were points that traded as low as .20 cents for the weekend (Centerpoint)!!! Fucking nuts!! The coming 7-10 days of weather is forecasted to be above normal, add to that 2 big LNG cargoes coming in next week, and I believe there will be a big jump in gulf production recovery next week. Tennessee Bluewater is about to come back, which will increase the gulf output a good chunk. I am not a seller for anything more than a quick scalp, this market is just too short to trade a short position for me. I am patiently lying in the grass, looking to take a long position and aquire some bull spreads.
Great thread guys! Keep up the solid work. If Natty surges, they are gonna catch a whole lot of mutual fund guys out in the cold when it comes to land drillers like PTEN, which by the way has ZERO debt on its books! http://futures.tradingcharts.com/cotcharts/NG
Unfortunately, I have a small bit of length there, not fun at all. I sold mine late at .19!! and now it is running back up. At the time, I thought .19 was a homerun with the avg at that time .0785. Funny thing, someone sold gda -.10 and at that point it was a negative #. I did sell the high for the weekend however at $2.00
I do a little of everything, phys and financial. MUCH prefer the paper, phys sux with all the cuts, OFO's and drying up liquidity.
today feels like a steep selloff from here (6.63). I am targeting a move down to 6.36-6.38, maybe even happen today.
been moving alot of otm puts for z8 and q1, like 4.50 and 5.00 strikes. Z 575 p trading around 6 cents on the floor. h/j still trading around 3.8. I see support for Z at 6.555, 6.44, and 6.38 levels.