The March natural gas contract rebounded a couple percent today as weather models began adding back demand and weather-adjusted demand continued to impress.
(Click on image to enlarge)
It was the March contract that was again strongest on the day, with firm cash prices helping it lead throughout.
(Click on image to enlarge)
The result is two straight days with the March/April spread bouncing.
(Click on image to enlarge)
In our Morning Update, our sentiment turned back Slightly Bullish on overnight GWDD additions and tighter balances at these lower price levels.
(Click on image to enlarge)
We specifically highlighted to that afternoon 12z model guidance should trend even colder to support prices and that Week 3 forecast risks were more supportive.
LNG exports came back this week as well, helping to tighten up balances. We track these daily for clients in our Note of the Day.
(Click on image to enlarge)
Comments
Log in or sign up to join the conversation.