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FCG - Natural Gas - Ugly Price Levels For The Bulls Could Be An Opportunity
First Trust Natural Gas
The natural gas market had a hideous week. The price of the nearby July futures contract fell to the lowest price since 2016 as it slipped below the $2.40 per MMBtu level. On June 5, the energy commodity fell to a low at $2.3550 per MMBtu. The bears are licking their chops with visions of the 2016 low at $1.611 per MMBtu dancing in their heads.
As production continues to grow and natural gas flows into storage across the United States at an accelerated pace, the price is disintegrating. Those who bought natural gas at