• 8 minutes U.S. Shale Oil Debt: Deep the Denial
  • 13 minutes WTI @ $75.75, headed for $64 - 67
  • 16 minutes Trump vs. MbS
  • 11 hours Dyson Will Build Its Electric Cars in Singapore
  • 2 hours Iraq war and Possible Lies
  • 2 hours Why I Think Natural Gas is the Logical Future of Energy
  • 6 hours Despite pressure about Khashoggi's Murder: Saudi Arabia Reassures On Oil Supply, Says Will Meet Demand
  • 11 hours China Opens Longest Mega-Bridge Linking Hong Kong to Mainland
  • 2 hours How Long Until We Have Working Nuclear Fusion Reactor?
  • 8 hours The Balkans Are Coming Apart at the Seams Again
  • 4 hours Can “Renewables” Dent the World’s need for Electricity?
  • 6 hours Satellite Moons to Replace Streetlamps?!
  • 1 hour The Touching Story of a First Nation that Sued Trans Mountain
  • 7 hours World to Install Over One Trillion Watts of Clean Energy by 2023
  • 10 hours These are the world’s most competitive economies: US No. 1
  • 13 hours Aramco to Become Major Player in LNG?
  • 3 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
Alt Text

Oil Prices Under Pressure As U.S. Shale Supply Soars

Continued production growth in the…

Alt Text

Hurricane Michael’s Impact On Gasoline Demand

Hurricane Michael had a significant…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

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

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