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Natural Gas Rally Fails As Profit-Takers Step In While Oil Snaps Losing Streak With Lukewarm Bounce; A Busy Day For The EIA: Agency Expected To Announce Bearish Oil And Natural Gas Inventory Builds In Twin Storage Reports Today

Thursday, October 17, 2019
Natural gas staged a sharp intra-day reversal to finish with its first loss this week. The front-month November 2019 contract gapped up more than 1% to $2.38/MMBTU but then the profit-takers stepped in and the commodity ultimately finished the session down 1.5% to $2.30/MMBTU. Of note, the 1X ETF UNG began its monthly rollover Wednesday, successfully rolling 25% of its natural gas holdings from the November 2019 contract to the December 2019 contract ahead of the front-month's expiration in 10 days. The rollover will likely be complete by Monday. The December 2019 contract settled at $2.50/MMBTU on Wednesday, meaning that this rollover is going down into a 21 cent contango. This is comparable to that experienced by UGAZ when it rolled last week. This effectively amounts to selling and buying high and will contribute to the ETF's long-term underperformance as these sort of rollovers have for years. It is for this reason that I stick to almost exclusively to shorting the inverse leverag...

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Disclaimer: Current Portfolio Holdings are released by Celsius Energy as experimental products. While they are intended to provide accurate, up-to-date data, they should not be used as trading recommendations nor should they be used alone in making investment decisions, or decisions of any kind. Celsius Energy does not make an express or implied warranty of any kind regarding the data information including, without limitation, any warranty of merchantability or fitness for a particular purpose or use. Investing Commentaries represent personal opinions and analysis and should not be taken as investing advice.