Even though natural-gas prices don't have a direct link to current geopolitical uncertainties, it has to make those holding short positions more than a bit anxious.
More Quotes from John Kilduff:
Oil should move lower because of the build in product supplies and the rapid disappearance of winter-weather worries. The continued fall in natural gas should also help pull all energy contracts lower.John Kilduff
Demand was down nationwide, partly because drivers were off the road in parts of Louisiana and Mississippi because of Katrina, and obviously because high prices are helping to discourage demand.
John Kilduff
In the absence of a new supply threat or dangerous geopolitical shift, holders of length will become increasingly nervous and reluctant to hold positions much longer. This is the core of our belief in a correction.
John Kilduff
And the refinery utilization rate is also a disappointment. It came in only at 84, and right before the hurricanes, we were upwards of 95.
John Kilduff
With winter speeding by, there isn't much time left to generate significant demand. Unless several weeks of sustained cold materialize over the next two months or so, supply should be more than adequate. This could weigh heavily on prices if this condition persists into the restocking season after April 1st.
John Kilduff
Natural gas is the one commodity here that I have very little to say about in the way of good news.
John Kilduff
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