Commodities Analysis by Investing.com (Barani Krishnan) covering: Natural Gas Futures, WisdomTree Natural Gas 1x Daily Short, TR/CC CRB Natural Gas, iPath® Bloomberg Natural Gas Subindex Total Return(SM) ETN. Read Investing.com (Barani Krishnan)'s latest article on Investing.
Outsized storage build from last time a culmination of production at all-time highs of 103 bcf and weather being warmer-than-thoughtGas prices, however, rose 18% over 3 sessions as speculators defy output/weather trendsFor the love fest to continue, two things might be needed: leaner production and fulfillment of the trading gap that occurred before the comeback rally.
In the words of John Sodergreen — who authors another trade publication on gas called ‘The Desk’, “last week’s monster 97-Bcf build caught just about everybody by surprise, and rightly so.” He adds: Sodergreen makes another point gas bulls probably won’t be thrilled with — it’s going to get warmer just when the weather should be getting steadily colder.
There were 65 total degree days, or TDDs, last week compared with a 30-year normal of 75 TDDs for the period, weather data showes. “The current bullish momentum leaves a runaway gap at $3.03.That calls for an eventual pull back to the Daily Middle Bollinger Band of $3.11, followed by $3.03 if the gap isn’t filled.”
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