Once again, a disappointing energy report put the kabash on Natural Gas prices immediately after 10:30 AM this morning.
That said, purely from a trading perspective-- putting aside the obvious oversupply and absence of any bullish stimuli from Mother Nature-- let's notice that the reaction of Natural Gas to the bearish news has not been all that bearish, at least not yet.
In fact, if you had sold short Natural Gas when it broke below the Jan-Apr range on April 9, you would be under water on the trade-- even after today's supposedly bearish inventory report.
What does that tell us?
Just maybe-- MAYBE-- Natural Gas selling pressure is exhausted after its relentless 14-month bear phase from 6.49 to 2.48?