Chesapeake Energy Corp (CHK)

[ogbull]

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended May 20 rose by 71 billion cubic feet, compared to expectations for a gain of 68 billion.

That compares with a gain of 73 billion cubic feet in the prior week, an increase of 112 billion cubic feet in the same week a year earlier and a five-year average rise of around 97 billion cubic feet.

So the numbers are really a giant improvement.

This is the shoulder season in which natural gas demand falls to its lowest level. Shorts like to kick NatGas around during these seasons.

The weather does not agree with the dip. NASA is predicting the hottest summer of the last 100 years. Air condition demand will skyrocket as will Natgas used to generate electricity. This summer will be a roaster and maybe wake people up that global warming is indeed real.

Crude also fell 50 cents so there was a little temporary negativity. But crude is coming back up and NatGas will follow is an hour or so. Now is the time to buy if you want to get in.

This dip is a positive signal since we get to see the resolve of the current bunch of shares holders. If they are scared away easy, then that's good. They will not hold anyway. We need fresh blood with a long range outlook. Not nervous dingbats.

Just like most longs on this board a few days ago, most got cold feet and run out of the best investment of the year. They'll be sorry.