- Weekly Natural Gas Storage Report -
Time To Turn Short
Term Bearish
EIA reported a storage build of 33 Bcf for the week ending August 10.
This compares to the +30 Bcf we projected and consensus average of +31 Bcf.
We are turning short-term bearish and initiated a new long DGAZ position.
Lower 48 production is now averaging above ~82 Bcf/d and the ECMWF-EPS long-range outlook is showing a cooler than normal September outlook.
Given natural gas prices are already trading at the top of the price band
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