Storage level is not relevant now, injection season began. The focus should be the demand!
Last year, it hit all time low of $1.90. Hence, there were more NG usage during injection season and has helped to come out of bottom. This year is inverse of what happened. Late winter in March moved NG price so much that there will be less demand for injection season usage such as power sector maintence/outage driven usage. Weather, you all know, has no heating demands in 2Q. Actually, a little until may. Marcellous will pump out more so that you can imagine to take adavantage of today's price. Do you see a future being bullish? NO... All pro option traders are in agreement that 2Q is a pull back time for NG. $3.50 - $3.60 per today's price. It will move down below $3.30 as it will show almost no demands from power sector/nuke outage as we progress. It will happen so rapidely that you head will be spining if you day trade.. LOL...
Buy INVERSE and stay until you can hit your target. I'd say DGAZ will be around $15-16 within 2 weeks!!!
How about that! 4 On The Floor.
Yep plenty of shorts still believing nat gas will go back to $2.
Inventory , the season, but "other " factors " could be responsible for a continued increase in price.
Naturally, old shorts wearing new panties want to know.