Inching closer to our $3.24 target, natty traded as low as $3.4180. There is one fly in the ointment, if equities head south tomorrow, natural gas has been exhibiting an anti-correlation to stocks and with more and more specs getting short the counter-trend moves can be horrific.
From the Wall Street Journal:
--Nymex gas down 1.2% at $3.432/MMBtuToday's 5-minute chart via FinViz:
--Natural-gas prices end at lowest since Feb. 26
--Cooler-than-usual weather forecasts increase expectations of inventory build
By Sarah JacobNEW YORK--Natural-gas futures slipped for the fifth consecutive session, amid expectations of weak demand after forecasts continued to call for cooler temperatures through mid-August.
Natural gas for September delivery on the New York Mercantile Exchange settled 4 cents, or 1.2%, lower at $3.432 a million British thermal units, the lowest since Feb. 26.
Prices fell after weather forecasters said cool temperatures were expected across most of the central and eastern U.S. Temperatures much below average were "likely at times from the Plains to the Midwest," said private weather forecaster MDA in its six- to 10-day forecast....MORE