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Monday, April 22, 2019 4:53:27 PM
If NG hits 2.25 that would put UGAZ at around $18. So beware, there's plenty of downside potential left for UGAZ if the bearish scenario of ongoing large weekly builds plays out ....
Good luck to all.
Celsius -
I feel that a bounce to the $2.60-$2.65/MMBTU range is certainly possible, but above this level, the short sellers will likely start pouring back into the trade. Barring a sudden surge in LNG exports or a larger-than-expected year-over-year increase in Powerburn once we start to see more consistent Cooling Degree Days, any bounce will be of the deadcat variety and I could easily see natural gas trading as low as $2.25/MMBTU before the end of the shoulder season. While I am currently long the sector, this will likely be a short-term trade on a bounce and I will look to get back short again above $2.65/MMBTU.
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