Conflicting Signals
Today is a good day to write about contradictory signals in the natural gas market. Take the weather, for example. Over the past 24 hours, the short-range weather models have been giving some clear bullish signals. Yesterday, GFS 12z Ensemble added 18 bcf of potential natural gas consumption over the next 15 days (vs. 24h ago), while ECMWF 12z Ensemble added 9 bcf over the same period. Earlier today, GFS 00z Ensemble added another 15 bcf of potential natural gas consumption (compared to yesterday's 12z results), while ECMWF 00z Ensemble was mostly neutral