Nat gas futures down almost another 7% this morning to $2.85 mcf. BOIL is trading below $8.00. Remember back a month or two when KOLD , the ETF that shorts Nat gas was down close to $9.00. I said it could easily go back up. Did it ever. It is trading over $50.00 now. That polar air needs to make it into the Northeast and east coast to significantly change the outlook for higher Nat gas prices. For whatever reason the traders seem to concentrate on the temps in the New York City region. So far there is no evidence that air mass is going to make it into the lower Ohio Valley. The cold air is headed south, not east. Regardless, I believe the pendulum has swung too far the other way so I am ready to buy back BOIL and perhaps hold it for longer than for a day trade.
