• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 15 minutes WTI @ 67.50, charts show $62.50 next
  • 15 hours The EU Loses The Principles On Which It Was Built
  • 7 hours Starvation, horror in Venezuela
  • 11 hours Why hydrogen economics does not work
  • 8 hours Tesla Faces 3 Lawsuits Over “Funding Secured” Tweet
  • 8 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 49 mins Mike Shellman's musings on "Cartoon of the Week"
  • 21 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 42 mins Saudi Fund Wants to Take Tesla Private?
  • 1 day Chinese EV Startup Nio Files for $1.8 billion IPO
  • 1 day Crude Price going to $62.50
  • 3 hours California Solar Mandate Based on False Facts
  • 20 hours Saudi Arabia Cuts Diplomatic Ties with Canada
  • 3 hours Oil prices---Tug of War: Sanctions vs. Trade War
Alt Text

All-Time Low Spare Capacity Could Send Oil To $150

Many oil markets watchers have…

Alt Text

Is Deepwater Drilling More Profitable Than Shale?

Conventional wisdom in oil markets…

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

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