Natural gas plunged dramatically to a 13-year low Monday, as warm weather forecasts continue to batter the commodity commonly used for heating purposes. And traders say it's going to get a lot worse for nat gas before it can get any better.
"It cannot get any more bearish for gas," Stephen Schork, editor of the widely read Schork Report, said Monday on CNBC's "Power Lunch." "Hence, it could still go lower."
Due to industrial sector weakness "you have no demand for it right now," Schork said. Meanwhile, the weather is "going to remain extremely warm here through the remainder of the month. We're already two months into the heating season and we haven't had any significant demand," he said.
"It seems like Mother Nature herself is short nat gas," Schork quipped.
Natural gas futures hit a low of $1.862 per million British thermal units on Monday, the lowest level since January 2002. At this point, Schork says the current target on nat gas is $1.75 to $1.76.
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Chris Verrone, technician at Strategas Research, sees an even worse scenario for nat gas, predicting it may go as low as $1.50.
The steady decline in natural gas prices has become an "epic bear market," Verrone said Monday on "Power Lunch," one that should take several years to correct. In the meantime, he said investors should watch for upside resistance at $2 and sell any short-term bounce.
"When we get declines of this magnitude, it takes many, many, many years to repair. So even if we are in the vicinity or the neighborhood of a low, we're talking about years before a major turn or a new bull market really starts to take shape," Verrone said.
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