Natural gas inventories

Natural Gas inventories were surveyed to change by 58 and came in at 57 (prior was 80). Natural Gas proceeded to fall 3% (at writing). For those who aren't traders, generally the natural gas inventories usually don't move the market enough to be worth trading (though they were three and four weeks ago), but I haven't seen such a strong, lasting move on this number when the inventories came in essentially in line. It looks like around 11 there was news (according to Briefing.com) that China would raise some prices of gasoline and crude, but this decision wouldn't affect natural gas. I guess I'm kind of at a loss to describe it.

Generally the trend is your friend, but I can't help put think that this is oversold (the front contract is at 12.72 and UNG is as 60.30 as of this writing). However, bottom picking this kind of strength on the downside can be vicious unless you are looking to hold for a long enough period. Thankfully my only position in UNG was in a play account on updown because I have been wanting to bottom pick this for at least an hour and it just keeps going down. The futures are at 12.65, down 4.3% from the open.

Edit: Looks like I was about ten minutes off the bottom. Also edited for grammar.