I have noticed over the years that the energy market is 1st to react to any correction the market may make... Keep an eye on the S&P for a head and shoulders pattern... Also CHK seems to be forming one too, actually it has formed... I still feel positive on CHK ,but it may dip to 25.00 where many insiders bought... It needs to bust and hold 27.50... I plan on playing UVXY as a day trade if things go sour...
I wish... Just a hunch with Options expiration's and weakness above 27.00 add that it's Friday and day traders want out before the end of the day...... I sold @ 27.28 this morning and have been waiting patiently ...
You might also add to what I mentioned that we seem to be using more gas recently than in the past few yrs especially with all this cold weather we haven't seen since 2001... More sales..
Actually if you look back at late aprils chart and the price of nat gas at that time it reacted well...Gas went to 4.50 ..It was slow in reacting at 1st... Gas futures are now 4.15 and with the weather and other conditions it should easily hit 4.50 if not higher depending on production ... Knowing they will take advantage and hedge at just the right time and letting that news out could send CHK to 30.00..I heard someone mention CHK makes an extra 100 million for every .10 gas goes up.. They still have assets they want to sell and news of that would help especially if they get a decent price for them... All in all the stock had a run and is consolidating here..Not much downside when things are heading in the right direction..I think a little run every now and again might happen without news..
I expect a bear attack soon... Might go down to 26.50...Buyers are thin above 27.00
Well Tennessee isn't use to that weather or the atmosphere ...You guys have the advantage... Go Pats... :)
excuse that gibberish below...Tried to copy and paste.. Good article to read though...
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Home » More Natural Gas Well Freeze-Offs Expected As E&Ps Hunker Down
DAILY GPI / MARKETS
More Natural Gas Well Freeze-Offs Expected As E&Ps Hunker Down
Thursday morning about 500 MMcf/d was being affected by freeze-offs in the Rockies and San Juan Basin, according to Genscape Inc. analyst Wei Chien. Gas production in the Rockies had dropped by 0.2 Bcf/d on Wednesday, she said. "Rockies demand increased by 0.8 Bcf/d in the past four days with the new cold front. Demand increase will spread eastward as the cold weather starts affecting other regions."
Genscape analyst Rick Margolin told NGI that “market participants are also speculating freeze offs will hit West Texas/Permian and stretch up into the Anadarko [basin] with temps in those regions falling to 10-15 degrees below average for this time of year...Daytime highs are forecast to remain sub-freezing through the weekend."
There also may be problems if pipeline compressors run on electricity and there is a power outage. Some have backup generators.
Those 55 million shorts who neglected to cover are in for a surprise...
I'll wear my flannel to keep the nuts warm.. Gas at 4.13 and running.......
You will be hearing a lot about Gas freeze ups next week... It's already way below 0 in the Dakotas and lines freeze up because of water vapor in lines ..Production 2 weeks from now will fall way short along with bigger draws...
Are freezing their nuts off..Something they are not use to and it's coming east............
10:30...... Search weekly natural gas storage report - eia-
Thursday will put some pressure on the last of them... Gas just broke 4.00 and looks like it may push a lot higher....
Correct me if I am wrong ,but I think they have 20% of their production covered at 4.23... They are made out on the oil bet they made and sold ... Next year is looking like it will be very profitable.. Even if they cover the rest of next year below what they have hedged now,it would be a heck of a lot better than 3.57 they had for this year.. Again today I saw heavy OCT 14 bets on gas... The one thing that will close the deal now is a nice asset sale...