UNL - Natural Gas: Overvalued And Underused

• This Thursday, I expect the EIA to report 2,628 bcf of working gas in storage for the week ending July 9.
• I anticipate seeing a build of 54 bcf, just in line with the five-year average for this time of the year.
• Short-range weather models produce contradictory results.
• Total demand is just slightly above last year's level, yet the price has doubled.
• Over the next two weeks, the total balance should be loose vs a year ago at around +3.3 bcf/d y-o-y.

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