I need to clear up some house keeping issues– I am fishing for Walleyes this week at a lake in Montana. There is no cell service nor internet service at this area so there will be no Daily nor Weekly until my return on July 13th.
That said — this gas market is rocking as previous highs, that had kept a lid on prices rallies for two years, fell like lead weights on a lure. As noted here, I had been expecting some pull back and consolidation during this three week run, only to be shown the exit ramp. As mentioned several times this activity has brought the current overbought condition . Looking at two of my favorite condition studies; 1) standard deviation study (below) showing prompt gas closing between two and three standard deviations above the intermediate term 20 – week SMA for the third time in four weeks. This is a rate occurrence. There were two closes there in November of ’19 and there were four during the initial blast off from an extended trading range last summer. In both of those recent examples prompt gas traded back to and through the 20 – week less than a month later.