Fortunately for us we saw a nice build in NG storage on Thursday that helped push NG lower. We came in at 90 vs 83 expected.
While front month NG is yet to test the lows, two of my three spreads broke through.
My NG N5- NG X5 was the best performer with a clear break of the lows. Not surprisingly this one is also the most volatile.
I’m generally happy with where things are and let’s hope for some follow through on Friday.
I’m going to give these spreads another week or so and hopefully that should give them some time to consolidate and push lower. Should they retrace in any meaningful way then I’ll most likely exit.