...NatGasWeather says, “For today’s EIA weekly storage report, survey averages favor a build of +56-58 Bcf, slightly smaller than the 5-year average of +68 Bcf. It was hotter than normal over much of the eastern 2/3 of the U.S., while cooler than normal over most of the West. We expect +53 Bcf, a touch to the bullish side.”And the report from the Energy Information Administration:
Bloomberg analysts are looking for an injection ranging from 55 Bcf to 62 Bcf, with a median of 59 Bcf. A Reuters poll predicts a range of 51 Bcf to 65 Bcf with an average of 58 Bcf and the Wall Street Journal forecasts a range of 51 Bcf to 63 Bcf with a median of 57....
...Working gas in storage was 3,133 Bcf as of Friday, July 3, 2020, according to EIA estimates. This represents a net increase of 56 Bcf from the previous week. Stocks were 685 Bcf higher than last year at this time and 454 Bcf above the five-year average of 2,679 Bcf. At 3,133 Bcf, total working gas is within the five-year historical range....Finally the price action following the release plus the previous four days (30-minute bars);
It appears some folks perceived the year's first real warm spell to be hotter than it actually was.
Bidding up into the release and selling off on the real numbers.
(as a side note I had a friend who was able to retire very young by watching winter temperatures outside the NYMEX to see if the traders would feel chilly when they walked in and bid natty up in response)
