Despite a rather bullish EIA print this afternoon that showed we injected only 58 bcf of natural gas into storage last week, prices still sold off today, the day after the October contract went off the board and we rolled to the November contract.
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This reversal came as a surprise to many. Yesterday our Daily Note focused on a pattern we had noticed around contract expiration each month, and this month we followed it yet again.
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We saw this again today, as cash prices actually dipped a bit in the face of bearish weather expectations into next week, helping limit upward potential near the front of the strip.
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