NG -.13 to 6.64/mcf, prices remain very high despite another huge inventory build reported by the EIA last Thursday. The deficit to the 5 year average is now a tiny 7 Bcf, down 98% from 354 Bcf just 9 weeks ago. The recent cold weather will cause the deficit to increase again in the coming weekly EIA reports, but not very substantially. Also bad news was reported by Freeport LNG which pushed out the resumption of exports until mid December with 2 Bcf per day not targeted until mid January.
It will be interesting to see whether NG prices can remain this elevated with a potential surplus looming by later this winter.
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