RE:Hub next day cash (spot)Just to expose last weeks trading vs cash as I indiicated futures traded to 2nd day cash up unitl end of week with a kiss to next day. A week that had Sabine issues and tankers did not get back to port until 5 minutes after PIT closed Thursday. Surely 2 bcf/d right from the Hub has impacted things, how much who knows, but tankers are fllowing again.
Beginning of week had futures trading 15-17 ish cents above next day, which first 3 days of the weak demand was so low, they would injecting, ooouch and yet cash held 2.52/3 and Sabine had no feed.
Anyone look at Options (Puts) how many and where they sit.
One thing that correlates to a Feb calendar (H contract bottom) if the event happens is forward demand starts exceeding past/current deamnd, this makes shorts cover, which I think the first exited the building on Friday. Did price action break any charts no, but PIT trading Thursday was all under 2.645 ish, above that mark and all those shorts from then are under water.
The big battle that confirms the low is in is Monday's trading, but the wx demand that keeps pounding in on long term charts might be exposed on open today, but there is for sure someone there all day Friday trying to defend the price to stay below 2.595 ish area again PIT key battle price for Friday on a drop down line from Thursday.
Unless wx runs tank today, more important ECMWF, I see long risk/reward as the trade.