Friday, November 6, 2009

Natural Gas Report: Record Storage Continues, Potential Hurricane Spotted

Natural gas inventories were released today showing yet another injection of 20Bcf. Somehow injections continue. We have been at record highs of storage for several weeks now. Injections can not longer continue and these numbers are almost meaningless by now. UNG responded by going up 0.7%. This is mind boggling.

Here is the chart comparing 2008 and 2009 levels:

(please click to enlarge)

We have an odd tropical storm (named Ida) which could potential become a hurricane, currently off the coast of Guatemala:

The path projections for this storm are dangerous and could lead partially to Louisiana. A hurricane could arrive by Tuesday or Wednesday of next week.

Here are the current computer models. Only one shows a more dangerous path.

We need to keep an eye on Ida.

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