A quieter day than yesterday, but still quite volatile.
The NYMEX December front month contract rallied up to a new recent high of $3.01 USD/mm before selling off. Last trade $2.91, only down one cent from yesterday’s close. Chart from Trading View:
The rest of winter strip was unchanged from yesterday and next summer was only down a fraction of a cent.
I mentioned yesterday that I wanted to look at the Henry Hub spot market and Dawn DDI to confirm the rally. However, I forgot that yesterday was Veteran’s Day in the United States, so we will have to wait until tomorrow for an update.
The 8-14 day forecast continues to cool off compared to the forecast last week. Early forecasts for Thursday’s storage number are for an injection of +49 bcf. With demand expected to grow, I’m not sure if we will see many more injections this season.
In the Caribbean Sea, there is a storm building up with a high chance of forming a cyclone, but at this point it looks like it will not threaten the Gulf Coast. We will keep an eye on it. Map from NOAA:
[WFG]