GAZB - Natural Gas Market: Bearish Divergence Between The Forward Curve And The Number Of Projected TDDs

• This Thursday, we expect the EIA to report 3,755 bcf of working gas in storage for the week ending September 25.
• We anticipate to see a build of 75 bcf, which is 34 bcf smaller than a year ago and 3 bcf smaller vs. the 5-year average.
• Annual storage "surplus" is projected to shrink by 196 bcf by October 30.
• There still appears to be a bearish divergence between the current price level (and the forward curve) and the number of projected TDDs (see the chart below).

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