Hello, my name is Clueless, I'll be your server today.
Serving you what is open to debate.
I am clueless why natural gas is up another 5.3 cents after trading down this morning and why natty is changing hands at $3.533, up over 23% in six trading days.
The weather isn't currently a factor, nuclear plant outages will decline rapidly beginning in a week or so and there aren't any transportation bottlenecks. so it's not the demand side
Is it the supply side? No, total supply rose 1.0 BCF/D last week to 68.3 BCF/D, so that's not it.
As I said, clueless.
Coming U.S. Winter May Be No Help for Natural Gas, MDA Says
The U.S. winter may be the second in a row to produce low energy demand for heating even while falling short of the record high temperatures of the 2011-2012 season, MDA EarthSat Weather predicted.The winter, measured by meteorologists as running from December through February, will probably have temperatures above the 10- and 30-year normal ranges, according to MDA in Gaithersburg, Maryland. The result may be less natural gas, heating oil and electricity needed to warm homes and businesses, MDA said.
“Even with the warmer risks considered it would be difficult to repeat last winter’s record warmth,” said the forecasting company.
Traders are watching the coming season because last year’s above-normal U.S. temperatures, combined with increased production, kept natural gas stockpiles high and prices low. Natural gas futures fell to a 10-year low in the U.S. this year and by April made the fuel the worst performer on Standard & Poor’s GSCI commodity index....MOREMore to come.