UGAZF - Natural Gas: October Futures Hit Our Target With Most Of The Bearishness Priced In
Welcome to the bearishness is in edition of Natural Gas Daily!
We covered our UNG short today at a gain of ~6.7%. October futures hit our target of $2.3-2.35 today, and given the latest fundamental developments, most of the bearishness is priced in.
Looking back, the market did get ahead of itself. There were multiple bearish signals flashing ahead of us, but that DGAZF fiasco certainly made the road bumpy. Either way though, this correction is very healthy, because it allows the market to reset ahead of the real volatile season - winter.
But while