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MLPG - Natural Gas Market: Exceedingly Bullish Expectations Have Withered Away
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This report covers the week ending September 18, 2020.
However, before I start discussing the fundamentals, I would just like to comment on the latest price action.
Yesterday’s drop in price was truly shocking, but it became possible only because of the exceedingly bullish sentiment that dominated the market for most of August. We always thought that the rally, which began on August 3 was dubious, but we did consider it to have at least some fundamental reasoning – notably rising LNG exports and shrinking annual storage “surplus.” However, it appears that there was no