Seriously anyone have any insight, I know not now, in 1 week, maybe a few. But when, I dont want to know how it is going lower, when will it turn around tho?
Looking to buy in the 2 dollar range. By then there won't be a single profitable driller in the country.
I tried to tell a friend of mine not to buy into UNG a couple months ago. He insisted that the "technicals" were indicating a long term buy pattern... oil and gas are dead horses for awhile, I'm looking at 2010 and beyond to get back in.
$2/mmBtu gas is going to impact electric power industry. Expect coal units to be out of the money. Rail is the next shoe to drop also.
Well, such a thread by itself sends an early warning of gas prices rising. Would be funny if GAS starts rallying tomorrow Anyway. Look at $CRB:$NATGAS chart and tell me what you think
I was talking to a guy at a commodities analytics site who mentioned that base demand (non seasonal) for natgas hasn't risen in 10 years. He was saying natgas has the potential to go a lot farther =)
Look here. Industrial, commercial and residential demand for electricity and nat gas direct use is dropping like a rock. Trust me I look at this daily. Friggin nat gas in storage is already at the top end of the 5 year average range. Global LNG demand has dropped with the Japs getting their nukes back online after the earthquake and European demand destruction leaving LNG tankers plying the ocean to offload. Look at the following weekly reports posted today. http://tonto.eia.doe.gov/oog/info/ngw/ngupdate.asp http://www.eia.doe.gov/oil_gas/natural_gas/ngs/ngs.html?featureclicked=4& Working gas in storage was 1,741 Bcf as of Friday, April 17, 2009, according to EIA estimates. This represents a net increase of 46 Bcf from the previous week. Stocks were 459 Bcf higher than last year at this time and 322 Bcf above the 5-year average of 1,419 Bcf. In the East Region, stocks were 17 Bcf above the 5-year average following net injections of 17 Bcf. Stocks in the Producing Region were 223 Bcf above the 5-year average of 556 Bcf after a net injection of 23 Bcf. Stocks in the West Region were 82 Bcf above the 5-year average after a net addition of 6 Bcf. At 1,741 Bcf, total working gas is within the 5-year historical range.
Last 3 days Bottom fishing UNG @ 15.4/14.3/13.7! Stinking fingers so far! May sell june 14 calls! If Natty breaks the previous low, UNG in single digits possible? 8/9 may be ?