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Natural Gas To Start The Week Under Pressure As Extended Forecast Trends Cooler, Even As Undervaluation Versus Fair Price Tops 7%; Near-Average +5 BCF/Day Daily Storage Injection Today As East Cools; Preliminary Modestly Bullish +27 BCF Weekly Storage Injection Projected For July 15-21
Monday, July 24, 2017
Natural gas sold off into the close on Friday, falling 7 cents or 2.5% to settle at $2.97/MMBTU, a 1-week low. After a strong start to the week, the commodity finished down 0.3%. The weekly loss came despite the EIA announcing a smaller-than-expected and very bullish +28 BCF weekly natural gas storage injection and Baker Hughes reporting on Friday that the natural gas rig count fell by 2 last week as the count appears to be leveling off after months of gains. However, the mid-term temperature forecast turned cooler on Friday, a trend that continued over the weekend and will likely pressure natural gas prices for the first part of the week. Meanwhile, crude oil prices also slumped into the close on Friday, falling $1.15 or 2.5% to finish at $45.71/barrel, the lowest close since July 12. The losses came following rumors of poor June compliance of OPEC's self-imposed production cuts and ahead of Monday's meeting with major OPEC members plus Russia. My oil and natural gas portfolio, despit...
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