Velocityshares 3X Long Natural Gas ETN (UGAZ)

[Swing Party]

Welcome from the uco board TMM. I hope you made too much money on wti today!

NG production has been growing fast, setting new production records almost weekly.
Winter looks to be normal for the east and above normal for the west. So far it has been surprisingly cool in the east, enough that withdrawals from storage have started.
Storage is running below 5 year average.
LNG shipments and exports to Mexico are taking about 25 bcf per week. These two outlets for NG did not exist 3 years ago.
Technical support looks pretty strong at 3.05/3.06, though it would be beneficial to close the gap to 3.00. Also pretty strong resistance at 3.22

Biggest unknown that is driving the market is weather. The market has been flopping around like a fish out of water waiting for a weather forecast to give the market direction. ECMWF is the most trusted forecast.

My opinion is there is a bullish sentiment and traders are waiting for that cold weather forecast. I don't think its time for a big rally yet, but a chance to make $ on the pops and buy the dips. Today's close of 3.13 is not a good entry in my opinion. Then again what do I know?