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UNL - Natural Gas: Tread Carefully As Market Starts To React On The Drop In Supplies
United States 12 Month Natural Gas Fund
Welcome to the production lost edition of Natural Gas Daily!
The natural gas market got a big uplift today thanks to an unplanned outage at Owingsville Compressor Station.
The outage has now dropped Lower 48 production down to 90.3 Bcf/d, and the front-end of the curve is reacting swiftly with the contango narrowing.
But the issue with this production drop is that this is a maintenance-related issue, so once the compressor station is fixed, the volume will return. As a result, the near-term price reaction may be a bit unwarranted.