Welcome to the model turns bullish edition in Natural Gas Daily!
For the week ending 1/10, we have a draw of -105 Bcf. This would be compared to -180 Bcf for the 5-year average and -81 Bcf last year.
Model Signals Turn Very Bullish
Despite the overwhelming loss in TDDs overnight again in ECMWF-EPS (lost ~10 TDDs), natural gas prices surprised everyone by shooting higher with February contracts now trading above $2.204/MMBtu.
The reasoning for this move today, we believe, has to do with the incoming set-up seen in the weather models.
Source: WeatherModels.com
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