my guess is NG is a key part of the war on Russia : so all bets are off
I think so too! As I wrote earlier there is more than supply and demand here. It's very suspicious. There's something nefarious going on in the Natural Gas market.
The Freeport LNG plant in Texas had a fire back on June 8, 2022 which took them offline. The initial restart of Freeport's liquefaction facility is scheduled for the second half of January 2023 pending federal regulatory approval. Why haven't we heard anything yet? If Freeport can start exporting U.S. gas again this will help stem the bloodbath in the price of natural gas.
The colder weather in the United States has not stopped natural gas from falling either. Nothing seems to matter regarding natural gas. It just continues to decline day after day, week after week, month after month. Look at a chart. I've rarely in my lifetime seen such a steep decline. It's literally almost straight down since the middle of Dec 2022.
At the same time as Natural Gas prices plunge I got the most expensive gas bill I've ever had in my lifetime 2 days ago. I live in Japan and we use gas for hot water and cooking. It was crazy expensive while my natural gas ETF is getting slaughtered!
One of the greatest shorts ever.
did you get a bite?