GAZB News and Press, Barclays Bank PLC From 09/22/20

Overall, the year-over-year average daily rate of consumption of dry natural gas in June 2020 increased in two of the four consuming sectors, and it decreased in the other two. Residential deliveries were the highest for the month since 2009. Commercial deliveries were the lowest for ...

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 sentim...

The natural gas futures market experienced lots of volatility since late June when the price fell to the lowest price in twenty-five years at $1.432 per MMBtu. The continuous contract proceeded to recover by 91.6% by the end of August when it rose to $2.743. The low came at the end of June, ju...

Welcome to the bandaid edition of Natural Gas Daily! Today's sell-off came as a shock to a lot of traders. For starters, the cash weakness was known, but the market refused to accept it (demonstrated by the bullishness in October buying). And incoming weather outlook remained bearish with ...

Natural gas futures ( NG1:COM ) fell the most in nearly two years , with the October contract settling -9.9% to $2.042/MMBtu after a larger than forecast increase in stockpiles surprised analysts and revived concerns that the natural gas glut will increase. More news on: Natural Gas F...

The Weather Last week Last week (ending September 11), the number of cooling degree days (CDDs) dropped by 14.6% w-o-w (from 77 to 66). We estimate that total "energy demand" (as measured in total degree days, or TDDs) was 2.2% below last year's level but as much as 17.5% above the 30-ye...

Investment Thesis Economics and increasingly aggressive Renewable Portfolio Standard (RPS) laws will retire significant coal and nuclear generating capacity, now meeting 44% of the demand for electric power, increasing reliance on intermittent solar and wind capacity. Solar and wind market...

This report covers the week ending September 11, 2020. Total Supply-Demand Overview We estimate that the aggregate demand for U.S. natural gas (consumption + exports) totaled around 594 bcf (or 84.9 bcf/d) for the week ending September 11 (-1.0 bcf/d w-o-w (week over week) and -3.7 bcf...

The candidates for President of the United States are out there on the campaign trail. Now that the summer has ended, and the Labor Day holiday weekend is in the rearview mirror, we are in the final stretch to the November 3 contest. The candidates will debate over the coming weeks, which is l...

Welcome to the bearishness is in edition of Natural Gas Daily! We covered our UNG short today at a gain of ~6.7%. October futures hit our target of $2.3-2.35 today, and given the latest fundamental developments, most of the bearishness is priced in. Looking back, the market did get ahea...