It was a more active day for the September natural gas contract, which settled down half a percent on the day.
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Today's activity came as we rolled out our first ever subscriber-only live blog on the Enelyst platform, breaking down our Weekly Natural Gas Update and Seasonal Trader Report and answering a wide array of questions from expected natural gas price action to the weather. Of particular interest was the gradually developing El Nino, though we noted that in the last few weeks the Pacific has stopped warming.
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In the chat and our Seasonal Trader Report today we broke down what that means for weather expectations from August into September, October, and November. We also looked at an array of El Nino forecasts, such as this one from the American CFSv2 climate model indicating steady, gradual Nino strengthening through the fall (courtesy of NOAA).
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Of course, we also covered shorter-term weather and price action in the natural gas market, starting off by looking at a natural gas strip that ended up settling very weakly today.
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This came after a big spike this morning, however, which we wrote was likely in our Afternoon Update yesterday.
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Yet natural gas production grew over the last few days as well, canceling out the impact of supportive weather that we had outlined in our Morning Update.
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