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.com
bulls are once again on the market’s slipperiest slope for this year — $3 pricing — with weather, demand and production all seemingly aligned for them to reach the top. Still, with two failed attempts in a span of five months, it wouldn’t be entirely wrong to wonder if they’ll stay the course.
Some are also considering as negligible current storage overhang that’s 6% above five-year levels. To be sure, it was double-digits before. Breaking the phenomenon down, the firm says cool weather is expected to hover over the Midwest and push into the Northeast, providing a “minor bump” in demand over the coming weekend, though southern portions of the country should experience lighter cooling needs at the same time. It adds:
There were 59 total degree days, or TDDs, last week compared with a 30-year normal of 63 TDDs for the period, Reuters-associated data provider Refinitiv said. “Chicago sees highs retreating from mid 80s on Wednesday to upper 50s by the weekend. Cooler air also looks to infiltrate Texas by the weekend, ending a spate of hotter weather that lasted through most of September.”According to EBW Analytics Group senior analyst Eli Rubin, the Cove Point LNG export facility in Maryland “may return from its annual outage within the next seven to 10 days – laying the groundwork for a potential rally in mid-to-late month”.
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