In past 24 hrs, a flow of air from the gulf of Mexico north up the Mississippi valley directly into Chicago has brought a significant change in weather. Chicago weather has rose from 18F (-2c) at 9:00 AM Sunday to 36 F at time of this post Monday AM. On the east coast a flow of air from gulf up northward into Washington DC / New York has depleted NG demand. NG profitable long remains elusive, neutral to bearish.
The price whipsaw on NG remains. Not all is lost -yet - as it appears weather in Chicago has peaked and could reverse down 12-20 F within 30 hrs. An open on Wed may be reverse of what we are seeing this AM. The problem remains for NG long, each retrace of forward advance looms as a larger negative to long positions as we proceed through to end of Jan.
Looking forward short-term, this may result in a further whipsaw spot price NG market open Wed / Thursday. An exit on HNU from current trade must be considererd. January forward projections are for a milder weekly temp so I assume Jan 6 to Jan 16th as bearish on NG trade.
Happy New Year to all, GLTA,