They haven't picked me off yet, but as you can imagine, I'm not real happy with my entry on the trade! I should know by now to let a red hot market cool a bit before trying to short it. Don't think I'll forget that one next time. I may be forced out tomorrow...but all may yet be well. sax
Yep & the crowd has seemed to have thinned out after the Enron debacle (first big move since). Just hit $9.82 on the spot month (up almost another .70 cents in afterhrs).
March 2003 $8.00 call option, worth $10 on Friday closed today with a value of $11,720. Just one of many examples from today.
Down here in Houston the word is Gulf Coast spot ranged from $15 to $16 yesterday. Should be an intersting two days ahead. March opened (pit) at $10 even after hitting a high of almost $12 during access.
March 9.577s +.44 April 6.584s -1.038 Spot in the Gulf (TX and LA) up to around $18 earlier today, not sure now.
I live up in natural gas country - Peace River are of Alberta & BC. I'm not a gas trader but a friend wants me to trade the action in natural gas - oh boy. Anyways, I can say that 2002/2003 has been surprisingly slow to many people in the energy industry. Bad slow. This is in reference to drilling because of course production is really moving at these prices. I mentioned to many people I didn't understand what was going on - Back in the past anytime crude was over $25/barrel everyone was in the money and drilling was wide open. Natural gas has been wide open regardless of the price since the Alliance pipeline. Yet the last 12 months people were just holding their breath waiting for something to start happening. I don't pretend to get it but I wonder wouldn;t a good old fashioned squeeze open up a lot of fields and lax regulations for the producers?
Where can I get weekly charts? I always like to study the longer term before taking a shorter term position. Thanks in advance, Banker
From what I hear it takes many months to get a field up and running and many believe by that time NG will have come back down (ie: not worth doing, especially in this economy). So it could end up being a vicious circle.
I use eSignal and have the NYMEX real-time, you can get daily and weekly for free if you have a subscription with them. Symbol for longer time frames would be the continuous contract CL #F