U.S. Natural Gas Weekly – September 10, 2010
(For The Week Ending September 3, 2010)
Working gas in storage rose 58 Bcf from previous week. Consensus was at 57 Bcf.
My stance is unchanged from previous week: “Stockpiling will be higher in the following weeks (because of mild temperatures) so the overall supply/demand balance for the coming months will be better then last year, but altogether bad. We have only technical factors on our side, but price failing to rebound taints that picture.”
Chart 1. Natural Gas Futures
Source: Bloomberg
Chart 2. Working Gas in Underground Storage Compared with 5 Year Average
Source: EIA
Chart 3. Natural Gas Futures Curve
Source: Bloomberg