For weather that effects the natural gas market(Cooling Degree Days in the Summer help gauge residential natural gas use because natural gas is used to generate electricity for air conditioning:
https://www.marketforum.com/forum/topic/9102/
Monday am update: The forecast is warmer
Closing comments Friday from Natural Gas Intelligence:
August Natural Gas Rallies into Expiry on Storage, Heat
The front month natural gas futures contract rallied ahead of expiration Friday, with potential August heat and a tight storage picture offering support in a market still heavily weighed down by production. In the spot market, most regions posted discounts on three-day deals, including in the sweltering California and Desert Southwest; the NGI National Spot Gas Average dropped 21 cents to $2.70/MMBtu
Storage is LOW for this time of year!!
Storage is at the bottom of the 5 year average:
Big drawdown in SouthCentral from the intense heat in TX last week.
Working gas in underground storage, Lower 48 states Summary textCSVJSN | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Historical Comparisons | |||||||||||||||||||||||||
Stocks billion cubic feet (Bcf) | Year ago (07/20/17) | 5-year average (2013-17) | |||||||||||||||||||||||
Region | 07/20/18 | 07/13/18 | net change | implied flow | Bcf | % change | Bcf | % change | |||||||||||||||||
East | 527 | 507 | 20 | 20 | 624 | -15.5 | 630 | -16.3 | |||||||||||||||||
Midwest | 524 | 501 | 23 | 23 | 742 | -29.4 | 686 | -23.6 | |||||||||||||||||
Mountain | 145 | 144 | 1 | 1 | 197 | -26.4 | 174 | -16.7 | |||||||||||||||||
Pacific | 257 | 259 | -2 | -2 | 294 | -12.6 | 311 | -17.4 | |||||||||||||||||
South Central | 820 | 838 | -18 | -18 | 1,122 | -26.9 | 1,028 | -20.2 | |||||||||||||||||
Salt | 214 | 230 | -16 | -16 | 310 | -31.0 | 286 | -25.2 | |||||||||||||||||
Nonsalt | 606 | 608 | -2 | -2 | 813 | -25.5 | 741 | -18.2 | |||||||||||||||||
Total | 2,273 | 2,249 | 24 | 24 | 2,978 | -23.7 | 2,830 | -19.7 | |||||||||||||||||
These were the temperatures for the 7 day period which passed for that EIA ng storage report:
These were the temperatures for the last 7 day period for this next EIA report.......much cooler, especially Midwest(N/C Plains were coolest but not many people live there-so not as much residential cooling demand in Summer)... so a much bigger injection coming up this Thursday:
September Natty WEEKLY
Green Hulk up candle last week, oscillators curling up, teasing... A trip up to the top of the range for starters. Guessing a gap up in a couple minutes.
Thanks hayman,
I thought we might gap up on the open too. Instead, we opened close to where the last price was on Friday( just above the actual 1:30pm close)
In early trading NGU is 2788 +6
NGU making new lows at 2.780 just above what may be major support from Friday's breakout above Thursday highs(2.779).
Update 5:55pm, lows/support held, back near the highs from earlier which were 2.797?
Fridays highs were also 2.797.
Rig count from Friday..........not much change for natural gas -1.
... looks like clear sailing to the upside in U-September Nattie
... 3-84 & then 3-87.7
SS,
We have been sitting on/near the highs from Friday for the past couple of hours..............waiting for the next run of the models to come out.
Hotter and we can keep going higher, above 2.8 and to the levels that you showed.
If maps turn decidedly cooler, this level of resistance can stop the rally that started from the low last Monday Night, when we hit the huge support at 2.685
From Natural Gas Intelligence this morning:
Forecasts for Sustained Heat Supportive as September Natural Gas Called Near Even
The September natural gas futures contract was set to open Monday near even at around $2.782/MMBtu as forecasts over the weekend remained hot for the second week of August.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
For weather that effects the natural gas market(Cooling Degree Days in the Summer help gauge residential natural gas use because natural gas is used to generate electricity for air conditioning:
https://www.marketforum.com/forum/topic/9102/
The weather is warmer than Friday!
From: Natural Gas Intelligence:
Natural Gas Futures Build on Last Week’s Strong Finish as August Forecast Seen Hotter
5:57 PM
Natural gas futures inched higher Monday, bolstered by a hotter-trending forecast for August and a tight storage picture. In the spot market, less intense heat in Southern California saw SoCal Citygate walk back from last week’s record-setting highs as the region continued to trade at a premium; the NGI National Spot Gas Average tacked on 3 cents to $2.73/MMBtu.