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Well, The Natural Gas Play Worked

I am reprinting below in all humility my April 14 recommendation to buy natural gas at $3.60, the strongest, most aggressive, table pounding advice I have given this year (http://www.madhedgefun... ), with appropriate apologies to red headed people. Only years of driving around hot, sweaty, dusty roads, wildcatting for good old CH4 in Texas and Colorado, could enable me to make such a call. After one last puke out round of stop loss selling that took it down to an unbelievable $3.22, it soared 36% to $4.38. Chesapeake Energy (NYSE:CHK) rocketed by 85%, and Devon Energy (NYSE:DVN) roared by 71%. No doubt that it has been dragged up by crude’s move to $58, kicking and screaming all the way. Although this is not as impressive as crude’s 80% lift off its $32 bottom, it is still one of the most rapid and impressive moves of any commodity this year. You can also bet that every electric power utility in the country was scampering to acquire advance supplies of the clean burning fuel, taking advantage of a rare opportunity to buy at below the cost of production. While the juice may be out of this for a day or weekly trade, natural gas is still a steal at these levels for the long term.