NatGas - This is interesting. This morning's weekly report showed the lowest inventory injection number in years, this is due to the huge consumption the past week caused by hot weather. One would think this very low inventory injection report should have been a very bullish report, sending Natgas higher, however, the market gave it a big yawn today.
With the futures and options contracts rolling over to the next forward month yesterday, I believe the market is now looking to the fall 'shoulder' season where demand will greatly decrease as the summer weather cools, but the winter heating season has not yet started. NatGas demand should slow greatly in the next few weeks, weekly inventory injection reports will be much larger as the industry repairs for the coming winter heating season, and the price should drop accordingly.
It should now be time for KOLD to shine for a few weeks, until the winter heating season begins. The 1 hour chart appears to be poised to complete the rollover from favoring BOIL to favoring KOLD this week (today?) as anticipated. GLTY
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