Geesh!! What a rebound! Wasn't expecting it on the open though.
Yes, the evening traders have been way more bullish ng than the traders earlier today.
Thanks for getting an overdue new thread started Larry!
Here's the link to the previous one:
60 responses |
Started by WxFollower - May 20, 2021, 2:09 a.m.
Some key items to carry over to this thread. Temps from this last report:
July natural gas futures touched $3.200/MMBtu early Thursday, but government storage data confirming a continuation of loose balances quickly drained momentum. The July Nymex contract ultimately settled at $3.149, up only 2.0 cents day/day. August climbed 2.2 cents to $3.166. Spot gas prices continued to weaken in some areas of the United States, with the
Natural gas may have woken up to what Larry was saying on the NON loose EIA report yesteray(more bullish in his view than the market traded the rest of the day)
Of course we still have alot of heat coming later this month and exports should be record to help Europe and China restock after a cold Winter.
Today's massive move higher is very, VERY impressive.
It might explain why, earlier this week, every time the GFS Ensemble would come out cooler, we might sell of briefly but then buying would kick to support prices within an hour......we tried to drop but couldn't....and a couple of hours later, we were higher than when the cooler solution came out.
This was a market that couldn't go lower on bearish news.
Yesterdays reaction to the EIA report was apparently a big fake out.
After a week of only modest changes along the Nymex futures curve, price action on Friday was anything but, as a major natural gas pipeline warned that restrictions it has in place could last through the end of September. The July Nymex gas futures contract started climbing overnight and continued to surge throughout the day,…
metmike: OK, OK...........now it makes more sense. I wondered why the market suddenly took off like there was no tomorrow shortly after the open on Thursday evening.....and never looked back. This was the exact type of move that we often see when new fresh, very bullish news is released that the market didn't expect and dials it in quickly over the next day.