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GAZB - Natural Gas: Ouch Someone Get The Bulls A Bandaid
Barclays Bank PLC
Welcome to the bandaid edition of Natural Gas Daily!
Today's sell-off came as a shock to a lot of traders. For starters, the cash weakness was known, but the market refused to accept it (demonstrated by the bullishness in October buying). And incoming weather outlook remained bearish with no line of sight for bullish weather ahead.
Source: HFIRweather.com
But, to be fair, we had thought most of the fundamental bearishness was priced in when October reached $2.25/MMBtu (and as demonstrated by us closing out our [[UNG]] short).