Big Dog's Boom Boom Room Message Board

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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Salt'n'Peppa who wrote (123047)	8/6/2009 7:13:01 AM
From: Ed Ajootian	of 206182

Salt, great post! Even more amazing to me is how natty keeps bobbing back up to $4, in spite of a relatively continuous stream of bearish fundamental news. Since the end of February the near-month natty contract has gone over $4 several times but has failed to hold that level for much more than a week or so. At this point the September natty contract is trading about $.40 higher than the spot price, which doesn't make much sense given that the cooling demand for natty goes down significantly next month vs. what it is now. With the sharp contango in natty futures (January is now back over $6), storage operators remain strongly incentivized to continue to cram in more gas, even though storage is at record levels. We stand a good chance of seeing an all-time storage record set for the Producing Region in today's report. It will be interesting to see what happens this time.

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