Natural Gas Storage Figures For This Week
Nov. 28, 2017 2:56 PM ET| Includes: BOIL, DCNG, DGAZ, GAZ, GAZB, KOLD, UGAZ, UNG, UNL
HFIR Energy
HFIR Energy
Contrarian, hedge fund manager, commodities, oil & gas
MARKETPLACEHFI Research Natural Gas
(1,013 followers)
Summary
We expect a -35 Bcf change in the storage report for the week ended Nov. 24.
A storage report of -35 Bcf would be compared to -43 Bcf last year and -47 Bcf for the five-year average.
Major weather models are aligned for a pattern shift post 12/7.
As long as weather outlook remains normal, prices should keep trending higher.
Welcome to the natural gas storage forecast edition of Natural Gas Daily!
We expect a -35 Bcf change in the storage report for the week ended Nov. 24. A storage report of -35 Bcf would be compared to -43 Bcf last year and -47 Bcf for the five-year average.
Source: ICE
We did not make any revisions to this week's storage forecast.
Natural gas prices are surging higher over the last two-days. The move all started on Saturday when ECMWF kept trending cooler than normal following Friday's pattern shift in the 14-15 day outlook.
There were other signs that meteorologists were looking at and we retweeted right away on Twitter (follow us here).
Major weather models are now in complete agreement that the pattern shift starts on December 7th, and the 7-11 outlook for December is now showing cooler than normal temps across the Eastern half of the US.
In our last week's weekly natural gas recap, we said that the market has effectively discounted all possibility of normal conditions returning.
If weather continues to be supportive or at least just normal past 12/11, we see prices continue to trend higher. Obviously, any weather shifts will dominate winter gas trading, so stay up to date on all weather forecasts.
P.S. We are now posting all weather updates live to our subscribers on our live chat platform twice a day.
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Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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