NG - September Pullback Arrived 9/12/2020
NG at the daily view.
September's pullback finally arrived. This shouldn't be a surprise at all. Temperatures lowered to a level where the A/C doesn't need to be on all the time. However, the temperature is not cold enough to turn on the heat.
Utility companies are already planning for how much energy would be needed for the fall.
I wouldn't go full short with this. Usually, September is a pullback. However, when approaching October, that's when natural gas rallies again. You do not want to be caught short when the heat demands ramps up.
Other than that, NG seemed to have form an upward channel since August. The price action seems to be aligning with the lines.
September's pullback finally arrived. This shouldn't be a surprise at all. Temperatures lowered to a level where the A/C doesn't need to be on all the time. However, the temperature is not cold enough to turn on the heat.
Utility companies are already planning for how much energy would be needed for the fall.
I wouldn't go full short with this. Usually, September is a pullback. However, when approaching October, that's when natural gas rallies again. You do not want to be caught short when the heat demands ramps up.
Other than that, NG seemed to have form an upward channel since August. The price action seems to be aligning with the lines.