– Nat Gas Tumbles Below $3 For The First Time Since 2012, Plunges 30% In 2014 (Zerohedge, Dec 26, 2014):
For the past few months, the one silver lining to the energy complex – with crude oil plummeting to levels not seen since 2009 – was nat gas, which soared to the mid-$4s in early November on expectations of a brutal polar vortex for the second year in a row sending heating demand surging. Well, so far the “harsh” weather, which was blamed for the epic collapse in the US economy in Q1 has not materialized, and all those buyers of natgas contracts have been scrambling to sell all of their exposure afraid they may suffer the same fate as their crude trading brethren. End result: as of moments ago, nat gas finally slide under $3, the first time it has done so since 2012!
This also means that while crude oil longs have had a horrible year, with nat gas now down 29% in 2014, and headed for the first annual decline since 2011 as mild weather leaves stockpiles at a surplus to year-ago levels for the first time in two years, yet another commodity is set to ring in margin calls for all those who are not long the USDJPY, pardon the S&P500, where the only trade off to daily all time highs is simply the total collapse of Japan as a nation state.