Trading Positions
We have reduced our long exposure earlier today and have slightly increased our short exposure (to hedge the existing long positions). So far, the return on invested capital in May has been 7.20% in futures and 3.30% in ETNs (see the tables below).
Technicals
Yesterday, natural gas July contract touched the lower bound of a symmetrical triangle (see the chart below). It may now attempt to re-test the upper bound of the same triangle. Previously, a cup and handle pattern called for even lower prices, but that bearish pattern has since been negated