"Most estimates as of Wednesday’s close pointed to a withdrawal in the 70s to low 80s Bcf range. Basically, unless there is a significant change in the weather forecasts toward the extremely cold side, the major players are likely to continue to sell rallies....
... Bloomberg is predicting a withdrawal of 72 Bcf to 81 Bcf, with a median of 78 Bcf. Reuters analysts are looking for a draw of 76 Bcf, with some estimates as low as 62 Bcf. The Natural Gas Intelligence (NGI) model predicts a pull of 75 Bcf...."The withdrawal from storage was more bearish than the forecasts. From the Energy Information Administration:
Weekly Natural Gas Storage Report
for week ending December 6, 2019 | Released: December 12, 2019 at 10:30 a.m.
... SummaryFinally from the CME:
Working gas in storage was 3,518 Bcf as of Friday, December 6, 2019, according to EIA estimates. This represents a net decrease of 73 Bcf from the previous week. Stocks were 593 Bcf higher than last year at this time and 14 Bcf below the five-year average of 3,532 Bcf. At 3,518 Bcf, total working gas is within the five-year historical range....MUCH MORE
Front futures (January): 2.285 up 0.042.
This is consistent with our earlier view that one way or another we would see levitation to allow the commercials to lighten up.
Natural Gas: Why the Commercials May Want to Get Up And Get Out—The Sudden Stratospheric Warming Event Appears To Be Fizzling
"Chinese firms offer to resell LNG cargoes due to weak demand"
If you back that weakness through all the supply chains you end up with a glut but, see after the jump....
