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Rover Natural Gas Pipeline Data ***NEW!***
Click the link above for full details on this important new source of natural gas supply and takeaway capacity from the booming Marcellus Shale.
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Natural Gas Rallies From Early Drop After EIA Reports Bullish +51 BCF Storage Injection; Gas Demand To Finish At 1-Week Low Today As Bearish Weather Pattern Persists; Slightly Bullish +63 BCF Injection Projected For October 14-20; Both Natural Gas Prices & Inventories Are Down More Than 5% Year-Over-Year--What Gives?
Friday, October 20, 2017
After falling over 2% intraday, natural gas launched a fierce Thursday afternoon rally and rose 2 cents or 0.7% to settle near the day's high of $2.87/MMBTU after the EIA announced a very bullish weekly natural gas storage injection for October 7-13-but one that fell largely within expectations--and the temperature outlook trended cooler. Before the rally, gas prices were somewhat inexplicably threatening to drop below $2.80/MMBTU for the first time since the first week of August. One of the driving forces behind the initial pullback may have been the NOAA's 2017-2018 winter outlook which, as shown in the Figure to the right, favors milder-than-average temperatures across much of the South and Eastern Seaboard, although the magnitude of these anomalies would be considerably smaller than last winter. Even with the late-day rally, natural gas prices remain quite undervalued according to my Fair Price Model, by 15.5% versus a Fair Price of $3.42/MMBTU based on current inventories alone an...
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