• 5 minutes Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 11 minutes IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 14 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 2 mins Alberta govt to construct another WCS processing refinery
  • 13 hours U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 1 min Let's Just Block the Sun, Shall We?
  • 14 hours Waste-to-Energy Chugging Along
  • 18 hours What will the future hold for nations dependent on high oil prices.
  • 18 hours Venezuela continues to sink in misery
  • 1 day UK Power and loss of power stations
  • 1 day Zohr Giant Gas Field Increases Production Six-Fold
  • 13 hours Regular Gas dropped to $2.21 per gallon today
  • 21 hours Contradictory: Euro Zone Takes Step To Deeper Integration, Key Issues Unresolved
  • 8 hours Sleeping Hydrocarbon Giant
  • 1 day Global Economy-Bad Days Are coming
  • 1 day No, The U.S. Is Not A Net Exporter Of Crude Oil
  • 1 day EPA To Roll Back Carbon Rule On New Coal Plants
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Natural Gas Recovers As Oil Bulls Hope For A Short Covering Rally

Oil

Weekly September Natural Gas Recap

September natural gas futures jumped over 4 percent on Thursday after a government report showed a smaller-than-expected inventory increase. The rally caught the mostly short market by surprise, causing short-sellers to scramble to get out of their positions.

According to the U.S. Energy Information Administration (EIA), U.S. natural gas stocks increased by 78 billion cubic feet for the week-ending June 9. Analysts were expecting a storage injection of 89 billion cubic feet.

Additionally, the five-year average for the week is an injection of 87 billion cubic feet, and last year’s storage injection for the week totaled 68 billion cubic feet. Last week’s report showed natural gas inventories rose by 106 billion cubic feet in the week-ending June 2.

The EIA also reported that U.S. working stocks of natural gas totaled about 2.709 trillion cubic feet, around 228 billion cubic feet above the five-year average of 2.481 trillion cubic feet and 322 billion cubic feet below last year’s total for the same period. Working gas in storage totaled 3.031 trillion cubic feet for the same period a year ago.

Weekly September Natural Gas Forecast

The large number of shorts in the market suggests that Thursday’s rally was driven by short-covering. I don’t think that shorts flipped the switch to long this quickly based on the EIA report. We’ll be watching Friday’s action to see if the…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions




Oilprice - The No. 1 Source for Oil & Energy News