Thursday, March 25, 2010

Natural Gas Drop to Lowest Prices on Record

We knew this last week here... The futures contract for natural gas dropped to its lowest price on record after government reported inventories that grew for the first time this year, adding to already bloated reserves.

The Energy Information Administration said that at 1.63T cubic feet, natural gas levels are 8% higher than the five-year average.

Storage looks absolutely dreadful, it looks like it will again breach the top of the 5-year channel (agains!?)



Natural gas for April delivery dropped 0.159, or 4%, to $3.94 per 1,000 cubic feet, on the New York Mercantile Exchange. Prices fell as low as $3.94 earlier in the day, the lowest on record for the April contract.

The equally horrible UNG ETF drops 2.80% in response, to an all-time low.




Straddles posted last week are currently up 7%:

Stumble Upon Toolbar

No comments:

Financial TV

Blog Archive

// adding Google analytics