When's The Last Time You Seen UNG Go Up Near $2 in One Day?
I cannot remember the last time... I sold my last longs near $22 days ago never saw this coming even with the bitter cold weather usually this doesn't happen. Blew right through the 52 week high but I would be careful here there has to momentum guys in this now and soon as they see warmer temps coming that may be it.
Not just the daily move but we are up what, $1.20 with gas in just over 1 week. That's a 30% move in non-leverage gas in 9 days. :D Sure, there have been bigger spikes if you go back far enough but the market was a lot different back when price spikes couldn't really influence supply much and the only option was to price out demand for the long term. A doubling of the price at that time wouldn't have increased supply much. There is little question that a doubling of price today would affect supply before year end.