Oil and natural gas hardly go hand in hand. Why? One key reason is that natural gas seasonal demand is not the same as oil or gasoline's. Oil demand is typically peaked around labor day in Sept. when the summer season is about to end, while natural gas demand is peaked around Feb. when the winter season is about to end. So traders in the future market for oil and NG typically long oil while short NG as a hedge, or vice versa. Of course, there are times when the two plans may not work. But understanding such game plans is important.
Oil price was peaked when Goldman and Citi came out to lift the target price of oil to $85. When a brokerage house upgrades a stock at its peak or lifts the target price, this often means that the house wants to unload the shares. Goldman constantly did this. It is kinda of dirty. But what else can you expect?
Anyone heard any news from Nigeria lately? Not many, I can bet on. Why? When I hold long positions in oil contracts and want to unload, I can always hire someone in Nigeria to do the work for me. WS brokerages did exactly the same, more or less.
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