My energy trades

How are the exchange-traded spreads now with all the volatility? HO, RB, ZC, ZW, ZL for example.. is it very thin liquidity?
 
Rachmaninov, I would considera short NG spread a bit later in the season than J/K. N/Q or Q/U. What happened on H/J can reoccur in the short term. The coronavirus can also have counterintuitive consequences( Think SI K/N yesterday ).
 
TraDaToR said:
12-11-19 : Short NG K/N @ -0.105.

- The widowmaker is really low for this time of the year, dragging the spring spreads to teh downside.
- Storage levels back to 5 year average( were much lower a year ago ).
- Huge production growth from shale plays last year and Appalachian producers have send-or-pay contracts with pipelines, so they have to produce.
- Seasonals.
More...

03-15-20: Out @ average -0.137. Good trade. Something is brewing in the front of the curve.
 
I'm an armchair observer of NG spreads at this point, and to my untrained eye calendars running from this coming fall until F21 seem like a good play for a reversal. Looking at V20Z20 and V20F21. Anybody have thoughts on this kind of trade and why it might blow up in my face?
 
The fundamental picture is so bearish in nat gas that I would hardly put a bullish trade at this point, but even technically I don't see much in those spreads. V/X and particularly X/Z are the spreads that gather the price difference between summer and winter. They can move drastically lower if outrights are going further down.

NGV20-NGF21_stacked_1169.png
 
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