Friday, December 27, 2019

Natural Gas: EIA Weekly Storage Report

A big draw, 161 Bcf vs expectations of 150 to 153 Bcf but there is a lot of gas around.
Soon to be front futures (Feb.) 2.199  -0.086 with the January's  down 0.133 at $2.161.
From the Energy Information Administration:
for week ending December 20, 2019   |   Released: December 27, 2019 at 10:30 a.m. 
Working gas in storage was 3,250 Bcf as of Friday, December 20, 2019, according to EIA estimates. This represents a net decrease of 161 Bcf from the previous week. Stocks were 518 Bcf higher than last year at this time and 69 Bcf below the five-year average of 3,319 Bcf. At 3,250 Bcf, total working gas is within the five-year historical range....MORE
From the CME, the last few days price action:

Natural gas can kill you and I don't mean asphyxiation or explosions. Try trading that in real time.
Which is why we sometimes have to resort to Fibonacci retracements and other such esoterica:
Oops, wrong example.
Lets try this:

As we observe, the Fibs are natural and can be seen everywhere. So obviously, uhhh, higher?