O ELLIOTT, WHERE ART THOU?
Updated
While Storm Elliott was raging outside Wall St and Nymex, bringing temp below -45C, NatGas price plummeted by 50% from its peak in August, the hottest time of the year. Go figure.
So what's next? On this particular chart, there's no strong support till $4 or lower and the path less resistant is down.
Note: The operative word is particular.
So what's next? On this particular chart, there's no strong support till $4 or lower and the path less resistant is down.
Note: The operative word is particular.
Note
The pain hasn't ended. Whenever Nattie reverses, there are big impulse/momentum moves leaving very long wicks. Haven't seen anything like that yet. Record setting warmth will spread across the US for the next 12-days for the lightest demand in more than 40-years. The pattern around Jan 10 will be closer to seasonal, although quite far out and subject to changes, such as the overnight GFS and EC showed.
Note
Did I jinx the thing?Note
This week EIA report in 45 min. Will be quite interesting.
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