Fundamentals
“There is simply too much gas right now, thanks to the very loose supply/demand balance caused by demand destruction with the economic shutdowns, with another loose number expected in (today’s) EIA report,”
Weather forecast
According to NatGasWeather for April 16 – April 22, “Cool shots will continue across the central and northern US into early next week with chilly lows of 20s and 30s. A weather system will bring rain and snow to central Plains, while a second system bringing showers to Florida. Texas and the South will warm back into the 70s and 80s into the foreseeable future, locally a touch hot into the 90s. The West will be mostly comfortable with highs of 50s to 80s for light demand. Warmer than normal conditions will build across all but the northeastern US mid-next week with national demand easing to lighter levels.”
Technical Analysis
Short position opened
TP @1.145
SL @1.843
“There is simply too much gas right now, thanks to the very loose supply/demand balance caused by demand destruction with the economic shutdowns, with another loose number expected in (today’s) EIA report,”
Weather forecast
According to NatGasWeather for April 16 – April 22, “Cool shots will continue across the central and northern US into early next week with chilly lows of 20s and 30s. A weather system will bring rain and snow to central Plains, while a second system bringing showers to Florida. Texas and the South will warm back into the 70s and 80s into the foreseeable future, locally a touch hot into the 90s. The West will be mostly comfortable with highs of 50s to 80s for light demand. Warmer than normal conditions will build across all but the northeastern US mid-next week with national demand easing to lighter levels.”
Technical Analysis
Short position opened
TP @1.145
SL @1.843