• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 3 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 3 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 2 mins The Most Annoying Person You Have Encountered During Lockdown
  • 16 hours WE have a suicidal player in the energy industry
  • 17 mins Which producers will shut in first?
  • 7 hours Saudi Aramco struggling to raise money for this year's dividend of $75 billion. Now trying to sell their pipelines for $10 billion.
  • 3 hours How to Create a Pandemic
  • 4 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 2 hours KSA taking Missiles from ?
  • 7 hours Death Match: Climate Change vs. Coronavirus
  • 20 hours Shale Legs
  • 26 mins Breaking News - Strategic Strikes on Chinese Troll Farms
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

The Key Price Point To Watch For This Week In Oil

October Natural Gas

Early last week, October Natural Gas futures appeared to be showing signs of life as the technical picture started to take on a bullish look on the weekly chart. However, like many technical breakouts in the past, this one died once traders realized that any rally would not last without a bullish fundamental outlook.

Last week’s technical breakout was thwarted when the U.S. Energy Information Administration released a report that projected natural gas inventories to reach the second-highest level on record. Basically, it was a case of supply increasing faster than demand that convinced the EIA that inventories would continue to rise at a near record pace until at least the end of October.

According to the EIA, natural gas inventories at the end of July were 23% higher than a year ago and 2% above the previous five-year average for that week at 2.91 trillion cubic feet (Tcf).

The EIA report also said that inventories began the gas refill season in April about 173 billion cubic feet (Bcf) below the five-year average, but record domestic gas production has allowed for strong injections that have kept inventories above the five-year average since the end of May.

Based on its latest assessment of supply/demand conditions, the EIA projects that gas inventories will reach 3.867 Tcf by October 31, the end of the summer refill season. This estimate for end-of-season inventories will be about 69 Bcf above the five-year average.

(Click…




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