Wednesday, August 28, 2013

Natural Gas: So effing Close to the Target

$3.4980 last.
Long time readers know we've been babbling about "the futures could trade up to $3.60 (from last week's 3.129 spike bottom) and still be in a downtrend" blah, blah, blah since the cycle low on August 8.
Well, last night the futures traded at $3.5890:

So what to do? September's are expiring today and the next storage report is going to be more price supportive than we've seen in the last couple weeks so the best guess is up but jeez I wish we'd seen $3.61 so I wouldn't have to think.

Natural Gas: Gap Filled, Time for a Heat Wave Revelation
Natural Gas: Looking for Another Leg Lower After the Heatwave
Natural Gas: EIA Weekly Natural Gas Storage Report--Injections Far Under Estimates
Natural Gas: Today's 96 BCF Injections Would Have Been 82 BCF But For Reclassification
UPDATED--Natural Gas: EIA Storage report August 8, 2013: Futures rocked, Recover