This is from a seller’s perspective.
The Nat Gas supply glut continues to grow
By Dominick Chirihella – Thu 29 Mar 2012 19:38:45 CT CME Group
Have I said that Nat Gas is bearish? Yes it is still bearish after yet another fundamental snapshot that was bearish on all fronts (see below for a more detailed discussion on inventories). The downtrend remains solidly in play as the newly anointed spot Nymex contract declined by 5.8% on its first day of trading as the spot contract. As I mentioned in previous newsletters I expected the May contract to follow the footsteps put in place by the expiring April contract and that is exactly what it did on Thursday. There is nothing to change my view that Nat Gas futures contracts are destined to trade with a $1/mmbtu handle sooner than later. Yesterday’s inventory…