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A new page integrating data from multiple models to generate gas-weighted degree day (GWDD) forecasts for the next 44 days. This page will be available to all through Friday, November 30, after which time it will be available to subscribers only. Click HERE to learn more about subscribing.
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Wednesday Daily Commentary For Subscribers
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Natural Gas Holds Its Ground After Monday's Short Squeeze While Oil Traders Watch & Wait; EIA Forecast To Announce The Second Largest Crude Oil Inventory Draw On Record For June 15-21 In Today's Status Report; Natural Gas Demand To Inch Higher For Third Straight Day As East & Central US Warm
Wednesday, June 26, 2019
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Natural gas recovered from early-session losses to hold up remarkably well following Monday's 5.4% spike. After dipping 2% out of the gates back to $2.24/MMBTU, the commodity ended the day up less than 1 cent or 0.2% to $2.31/MMBTU. Computer models again trended slightly warmer in the near term, likely providing some support for the sector. However, after two consecutive disappointing EIA Storage Reports, investors will closely be eyeing Thursday's numbers to see if cheaper prices and, what appears to be a tightening market, are having a visible impact on storage levels. This, as well as the evolution of the temperature outlook for early July, will dictate near-term price movements. Regardless, I am not expecting a V-shaped recovery here. There will likely be a period of increased volatility as natural gas puts in a stable bottom. I am maintaining my $2.60/MMBTU price target by the end of the summer.
Meanwhile, ahead of today's EIA Petroleum...
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