Natural Gas Update

Today was a very crucial day for natural gas. In the past several weeks, NYMEX natural gas has been in a tight trading range. Today, however, natural gas prices broke out of the range and closed above $7/mBTU, a 5% gain on the day. Seeing the early-morning strength, I sold 1/3 of my position in Petro Canada (PCA.TO) and swapped into Chesapeake (CHK) at $30.25. I am also currently holding April 30 Calls on Chesapeake. I believe there might continue to be strength in tommorrow's gas trading as concerns about refining capacity casued today's spike.