COM - U.S. Natural Gas Price Discovery Is Still Distorted

October, 13 2021 09:53 AM Direxion Auspice Broad Commodity Strategy

This Thursday, I expect the EIA to report 3,376 bcf of working gas in storage for the week ending Oct. 8.
I anticipate seeing a build of 88 bcf, 9 bcf larger vs. the five-year average for this time of the year.
The annual storage deficit is shrinking fast.
NYMEX natural gas futures price discovery has been distorted since the end of June.
If Henry Hub futures price was driven solely by the U.S. fundamentals, natural gas would be trading below $4.000 per MMBtu right now.

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Company Name:	Direxion Auspice Broad Commodity Strategy
Stock Symbol:	COM
Market:	NYSE