- Currently, I expect the EIA to report a build of 57 bcf next week (a final estimate will be released on Wednesday).
- The annual storage deficit is projected to shrink by 22 bcf by August 13.
- We are still in the "uncharted territory" as U.S. fundamentals do not justify the current level of prices.
- Global natural gas prices remain record-high and continue to fuel bullish sentiment in NYMEX Henry Hub futures.
- Technically, natural gas is trading within an ascending wedge, but short-term bias seems to be getting bearish.
For further details see:
Natural Gas: The Bulls Look Exhausted