The front futures are up another nickel to $2.517.
As we said after Thursday's storage report:
The move in the futures will set up a lovely trade to the downside tomorrow or Monday.The market seems to have come to expect weekly injections in the 65 Bcf range so the storage reports on the 21st and 28th probably won't be market movers.
The monthly production report on the 29th could be a whole different animal.
Because of the focus on storage it's easy to forget that injections are the residual of production - offtake and that U.S. E&P's are producing at near-record rates.
Any decrease in projected electricity demand could see 10% daily drops in the futures.
NOAA's climate Prediction Center is showing less than torrid temps in the June 17 8-14 day forecast and the June-August forecast although getting dated is not offering any support to bulls: