To anyone friendly to natural gas for the past five months, holding a long position certainly has been a challenge, and has been more akin to riding a bull on the PBR circuit.
Just to illustrate the bumpy ride, take a look at the 4-hour chart of the nat gas futures (NG) showing the price swings across a multi-month range carved out between 2.90 and 2.82 on the low side of the range, juxtaposed against resistance atop the range at 3.15 to 3.23. Within that range, over several months, there has been no significant change in the perceived fundamentals that indicate there is just too much natural gas around to lift prices consistently above 3.15 for any length of time, yet there is also an apparent perception that under 2.90, nat gas prices are relatively cheap.
