Welcome to the turning bearish edition of Natural Gas Daily!
Housekeeping item first.
For the week ending 11/8, we still show no change in storage (0 Bcf). EOS for April is 1.53 Tcf.
We are turning bearish...
As the title of this article suggests, we are turning bearish. We went long [[DGAZ]] for the first time this year today.
The rationale of our positioning is simple:
- Winter gas trading is dominated by incoming weather model forecasts.
- And the December outlook is bearish.
At the moment, both ECMWF-EPS and GFS-ENS show neutral heating demand conditions from