$UGAZ With the additional bearish weather over the weekend, rebounding daily production numbers, and with bears continuing to press ever larger record high short positions, it seems likely we gap down and might take out 1.80. Seeing weather models be revised warmer almost every single day so far this year is draining. It wouldn't be as big of a deal if the markets looked through the short-term weather to longer term supply/demand balances, but it doesn't. And the big problem with being exposed to a product that trades only near term futures and rolls over monthly, is that you suffer permanent losses whenever a situation like this happens when the bottom falls out of the front month contract.
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