NATGAS The weather forecast in the US is absolutely laughable. The weather forecast probably brings the shamans there. Unbelievable what they can lie and then change it
NATGAS Production has picked up a lot today, sitting at 104bcf. The highest in about 9 months. That said, exports are now also the highest in 10 months at 14.6bcf.
We've move almost 40% in 5 days. We're well overdue for consolidation / a decent pullback. I wouldn't be surprised if we revisited $3.
The forecast EIA injection for December are continuously being revised down (bullishly) 1st week forecast -175bcf, 5 year average is -71bcf. 2nd week -180bcf, 5 year average is -92bcf Subject to change.
It'll be interesting to see if the producers shut this rally down over the weekend by beginning to overproduce again, or if this is a temporary production spike.
It's not enough right now to crush this rally, but it's enough to give everyone a reason to take profit before the weekend.