- For the week ending 1/28, we have a draw estimate of -276 Bcf. This will be considerably higher than the 5-year average draw of -154 Bcf and last year's -171.
- EOS is now pegged at 1.395 Tcf.
- Weather models have turned materially more bullish with the 10-15 day and 15-day trend showing colder than normal weather on the horizon.
- Fundamentally speaking, with Lower 48 production still well below the ~97 Bcf/d level and the weather turning bullish, the market is going to respond asymmetrically to weather developments. The bulls will have control over this market for a while, and if mother nature keeps delivering, prices could keep going higher.
For further details see:
Natural Gas Surges Higher As Weather Models Trend Colder And Storage Projections Drop Steeply