UNG - Natural Gas Trading In October Is Already Chaotic And We Are Only 5 Days In

• Cash price reversal today dragged November futures higher by as much as ~11%. We've now had double-digit swings back to back.
• LNG exports jumped to ~8 Bcf/d this weekend, prompting this cash price response. The weird thing is that the LNG export bounce was largely expected.
• Maintenance at LNG export facilities will also be done by this weekend, foreshadowing ~9+ Bcf/d by next week. Will the same thing happen to prices again?
• But despite improving LNG exports, early heating demand signs are nowhere to be found. This will keep a cap on prices in the near term.
• And if cash fails to rally close to $2.6/MMBtu, then there's more downside for November futures into expiration.

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