MORNING NATURAL GAS UPDATE-
It was another choppy day in the natural gas space, as after yesterday’s EIA dip got bought up we again saw a couple intraday dips get bought up today, with the January contract just settling down just three-quarters of a percent. For yet another day we saw the March contract lead the way lower as well. Prices initially worked lower through the morning session on some warmer GFS weather model trends, as well as slight warmer trends in overnight models.Production appeared to hit a new record high today with LNG exports sitting near record highs as well. Still, the impact of new record production has clearly faded from the summer, when it was easily able to hit prices. Now storage levels are low enough to be the key focus in the market, making weather all the more important. The Climate Prediction Center picked up this afternoon on some of the warmer trends we highlighted overnight that were able to hit prices a bit. Yet dips were still bought, and some slightly colder trends on afternoon weather model guidance seemed to play a role. The Climate Prediction Center made their 3-4 Week forecast clear today, calling for widespread warmth later in December, though they have recently been a bit too far on the warm side. Meanwhile, we have been actively monitoring Sea Surface Temperatures across the globe.Various pools of warmer ocean temperatures could influence model trends moving forward.
REGARDS,
TECHNICAL DEPARTMENT
TRADE MAX INDIA
CONTACT-
REGARDS,
TECHNICAL DEPARTMENT
TRADE MAX INDIA
WWW.TRADEMAXINDIA.COM
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