Into The Vortex – Natural Gas Outlook with Rail Strikes and Cold Weather

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  • #48012
    TradersCom
    Keymaster

    Dec Nymex natural gas closed up +0.473 (+7.50%)

    – Weather first week of December now looking much colder than previous forecasts
    – Breakout to new 2-week high
    – U.S. LNG export terminals Monday 12.4 bcf/day, up +1.2% w/w via BNEF
    – Lower-48 total gas demand Monday was 95.2 bcf/day, up +20.2% y/y, according to BNEF.
    – Natgas prices have support as EU countries agreed to cut nat-gas demand from Russia by 15% by early 2023

    #48053
    TradersCom
    Keymaster

    NYMEX Natural gas December Futures Settle largely unchanged $6.7790/mmbtu from 6.776/mmbtu prior
    High 6.976 Low 6.457

    #48108
    TradersCom
    Keymaster

    Ahead of today’s EIA Natural gas storage report prices are surging on news of a potential #railstrike and colder weather.
    Loss of rail supply means #coal switching to power plants
    Consolidated Mon/Tues
    Dec #HH #natgas $7.432 +.65 9.63%

    #47915
    TradersCom
    Keymaster

    Last week was the first withdrawal of the season as the US shifted into Holiday season and changing weather that comes. EIA reported a less than expec
    [See the full post at: Into The Vortex – Natural Gas Outlook with Rail Strikes and Cold Weather]

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