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The natural gas markets fell during the session on Wednesday, to head back down towards the $2.70 level. This area has been supportive recently, and we suggest that below this area it is a very weak market. In fact, if we get a daily close below the $2.70 mark, we are more than willing to add to our already substantial short positions.
As for buying natural gas, there simply is no reason to do it or even believe that the market is going to trying to be bullish until we get above the $3.30 level. We think that rallies will continue to be selling opportunities, and of course the up previously mentioned breakdown of support at $2.70 would without a doubt lead us down to two dollars and perhaps even lower.