But nat gas [US@NG.1 3.912 0.025 (+0.64%) ] has lagged – although it typically trades in tandem with oil, this year it’s been left behind – far behind.
Fast Money trader Pete Najarian thinks they are. “When I look across the nat gas space, it seems to me all the bearish news about nat gas trading at new lows is now priced into nat gas stocks,” he says on CNBC’s Closing Bell.
As a result Najarian is growing bullish.
Of course I rode UNG from 22 all the way down to 13 before I sold out a few weeks ago, bought some for a intrada day play yesterday and caught nearly a buck, but sold out at the end of the day. Today I picked up some Chesapeake (CHK) for a longer term play. Big Bob has almost talked me into getting back in with both feet. Although I’m sure he would rather keep me out of the market to keep me from jinxing it.
On another note, if you haven’t locked in your electricity rate, now might be a good time to do it. Natural Gas prices are up quite a bit the last couple of days, and if they follow Oil, rates will be spiking sooner rather than later.
Finally, Big Bob himself graced me with an email today to let me know he had a better idea for a theme song to his rally.