Re: BASF and NGThe German chemical giant possible closure due to lack of NG energy and feedstock is huge. Not only the essential resource to create fertilizer products, and all sorts of industrial/consumer chemical products, I read that more than 60% of all medications use NG feedstock in creation of prescription meds. Talk about 'essential'. Might be a good plan to stock up on Rx meds for you and loved ones, the EU has some very big players in the pharmaceutical space. Fortunately, India is also a huge player in pharma/generic, and they will not be short of NG as there no sanctioning for this from the Modi government.
Today we had a very good follow-on from yesterday's reversal in share price, and I got a chart signal of Long Pole Reversal, esoteric, I know, but simply put, shows that volume of sellers dried up, and as price reverses from a decline, new buyers come in to play, spurred by a huge buy from Mr. Gray.
I did check the short interest in PRQ, not a great deal at risk for short sellers, but if you consider that this share was not heavily shorted at all at the beginning of this year, about 8000 shares short in January climbing to 112,000 shares short August 15th, well, somebody with short pants got smoked with price up 16+% in past 2 days(low yesterday @ 1.70, close at high today @ 1.98)
It would appear that the effort to submerge O+G pricing has hit a snag, at least near term, what next, fundamentals trumping paper futures trading? LOL
Nice closing, technically, on crude pricing here on Friday, weekly shows potential for a retest towards higher prices now, with a bottoming effect from mid-week selldown.
We shall see, GLTA.