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GAZB - Natural Gas Cash Jumps But Fundamental Outlook Remains Weak
Barclays Bank PLC
Welcome to the still crappy edition of Natural Gas Daily!
US LNG exports are picking back up again, and Henry Hub cash has increased back to $2.35/MMBtu. But October futures are finally dropping, reflecting the weak near-term fundamentals (as reflected in cash already).
And now, if you couple that with the lower CDDs in the coming weeks, you can see why cash has remained so weak.
Source: HFIRweather.com
Today's move lower should also come as a big red flag. Over the weekend, we saw ECMWF-EPS show ~+10 TDDs, and even with the increase, we are