Happy Storage Day
EIA reported an injection of +58 bcf. Expectations ranged from 53 to 59, so finally an injection in-line with expectations. Initially the NYMEX October front month contract traded down to a new weekly low, but after the storage report, it traded up to $2.34 USD/mm, a 2.85% increase.
It’s a similar story for the next winter and summer strips: both were initially trading at the bottom of their ranges, but rallied up to close at a slight increase by the end of the day.
This just feels like a sideways market.
In the Gulf of Mexico, there is a disturbance with a 40% chance of developing into a storm in the next 7 days. We will monitor.
Finally, NOAA came out with their revised forward outlooks and the winter looks to be at least normal temperatures, with some areas a higher likelihood of being warmer than usual. Forecasting this far in the future is imprecise, but the available information so far is not predicting a bitter cold winter. [WFG FM]
