Truth be told, we're not sure what to make of the recent action:
Hence the paucity of posts on natty so far this season.As noted, the price was at $3.112. Today it's at $2.813 up 0.021 and the picture is coming into slightly better focus.
December futures $3.112 +0.007
First up MarketWatch:
Natural-gas futures climb after EIA reports 54 billion-cubic-foot rise in U.S. supplies
Natural-gas futures climbed Thursday after the U.S. Energy Information Administration reported that supplies of the commodity rose 54 billion cubic feet for the week ended Oct. 28. That was generally in line with the 57 billion-cubic-foot rise expected by analysts polled by S&P Global Platts....MOREAnd from Reuters:
U.S. natgas futures little changed as power sector boosts usage
U.S. natural gas futures on Thursday snapped a three-day losing streak as the power sector was expected to boost its usage of the fuel now that it was again cheaper than coal for most generators.Gas prices have collapsed over the past few weeks as some in the market have lost faith in a cold start to the winter.We'll be back with more tomorrow but for now it's time to start paying attention, there is a lot of money chasing returns and the swings could get pretty big (and profitable if one is on the right side of same)
Temperatures were expected to remain at above-normal levels through at least mid-November, leaving utilities with more fuel to inject into storage caverns that were already at record high levels for this time of year, analysts said....MORE
Here's the EIA's Weekly Natural Gas Storage Report.