The futures are up 2.15% at $4.348.
Two weeks ago we reported on Goldman's natgas trading recommendation change, after analyst Samantha Dart said to short at $4.84. Well, in what may be the first time in 2011 in which a Goldman trading reco has lead to client profits (and Goldman prop losses), the firm apparently has just reached its breaking point on how much losses it can take, and just announced it is closing the short. "Closing: Short October 2011 NYMEX Natural Gas (initial price $4.84/mmBtu, closing price $4.33/mmBtu, gain $0.51/mmBtu) We close our short trading recommendation in the October 2011 NYMEX contract, as prices have corrected in line with our expectations. We also see increased price support from higher coal prices going forward, which allows for coal-to-gas substitution at a higher price level." Confirming Goldman's now suddenly "bullish" bias is the firm's reco to go long Q4 2012 ICE natgas...MOREThe squid's public hydrocarbon calls have been almost uncanny this year.