Bit of a yo-yo market, alternating up and down since last Thursday; up Thursday down Friday up Monday down today.
The NYMEX October front month contract traded up this morning to a new 2 month high of $2.436 US/mm, but then at 1045am starting trading back down to $2.31 last.
No real news; at first the talk was the heat induced air conditioning demand but then on the downside the talk was lower weather driven demand. Again, yo-yo market.
I think this back and forth just reflects the shoulder season volatility and you should not read too much into the oscillations of the front month contract.
The winter strip is stuck in that range of $2.97 to $3.08. Next summer as unchanged on the day at $3.03 last. I think these two strips will give you a better idea of market direction rather than the October front month. This market is going sideways until proven otherwise.
Looking ahead to Thursday, the early forecast for storage injection is +62, which is the same as this time last year. [WFG]