Tuesday, September 15, 2020

Interesting Action in Natural Gas

Since Friday morning's "EIA Natural Gas Weekly Update": 
The current price, 2.295 -0.028 seems like a dandy place for sentiment to shift to the long side.

https://finviz.com/fut_chart.ashx?t=NG&p=h1&s=m&rev=637357711205952296
natty, of course, had to drop another 2% just to get yours truly thinking about life and what it means to me, before gapping up Sunday evening/Monday.

And today?
At 2.3770 the idealized pattern would be a short term cup-n-handle, with the price drifting off as the hurricane passes before popping above 2.38 on the realization that "Hey, the LNG terminals didn't get hit! They can still ship gas!".
(hurricane action is in the front-right quadrant, in this case Mississippi/Alabama, not Louisiana)

So, as we await Sally's landfall, I shall watch a video:


Cracks me up every time.