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Natural gas inventories were released today showing a new injection of +25Bcf. The total gas in storage is now 3.76Tcf, 11.1% higher than last year.
The injection slope is, however, decreasing when compared to last year and the 5-year channel.
In theory at this rate, we are a bit less than 4 weeks to overflow. However, this indicator is no longer reliable as the injections are too small and we may already be at or near capacity.
As a result of today's numbers, UNG rose, it is a really "go figure" scenario. There is nothing rosy about natural gas. Keep in mind that prices for NG that you posted today jumped 17%, because the futures contract was changed today from November to December.
There is absolutely no activity on the radar with regards to hurricanes:
This was the only hope this summer and fall for an increase in prices, and we have had zero hurricanes hitting the production facilities.
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