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10-Year Low Weekly Storage Injection Possible In This Week’s EIA Storage Report; Natural Gas Pulls Back As Heatwave Abates But Seasonally Warm Temperatures & Tight Market Should Limit Losses
Monday, August 1, 2016
Natural gas finished Friday nearly flat, closing up a half penny to $2.88/MMBTU. For the week, however, the commodity finished up 4%, highlighted by an 8% gain on Thursday after the EIA announced that natural gas storage the previous week increased less than expected. This erased nearly a month of investor apathy that had seen natural gas approach $2.60/MMBTU but now has the commodity within a single good day of eclipsing the June 2016 high of $2.99/MMBTU. However, with record-setting heat on the wane, it will take robust natural gas storage reports continuing to beat expectations to drive prices higher from here. Crude oil gained 46 cents or 1.1% on Friday, but it was a pyrrhic victory the commodity lost 6% on the week and an ugly 14% for the month of July, its worst monthly performance since July 2015, as prices fell to 3-month lows.
After the impressive heat of the last 10 or days of July, temperatures cooled over the weekend to the “Summer of 2016 average” which is about 1-2 d…
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Disclaimer: Natural Gas & Oil Storage Projections, Intraday Natural Gas Stats, Renewable Energy Stats, Morning Reports, and fundamental pricing models are released by Celsius Energy as experimental products. While they are intended to provide accurate, up-to-date data, they should not be used alone in making investment decisions, or decisions of any kind. Celsius Energy does not make an express or implied warranty of any kind regarding the data information including, without limitation, any warranty of merchantability or fitness for a particular purpose or use.
