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ryan-snk
Jul 13, 2020 2:14 PM

Natural Gas - Buy the Heat Long

E-mini Natural Gas FuturesNYMEX

Description

Hot weather will likely boost Natural Gas prices in the near term so I opened a long position after price broke above $1.80 again.

QG - E-mini Natural Gas Futures
+1 @ $1.815
Sell Limit -1 @ $1.94

Additionally, the MACD is showing bullish momentum on the 4hr chart and prices are being supported by the 50 and 200 EMA. If price clears $1.83 I see the momentum taking it up to $1.94 at the very least and $2.04 at the most. Should prices fall I might buy more and average down my cost basis since I don't think prices will stay down for very long under these conditions.

weather.com/forecast/national/news/2020-07-10-record-heat-southwest-southern-plains-expands

Trade closed manually

-1 @ $1.725

Closed for a $200 loss

Was not expecting CA to shut down again today due to CV19.
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