US October Gas Contract Plumbs Bottom, Portends Higher November

摘要

In a curious move, traders staged a rally Thursday after the week's storage data came in well above consensus, only to give back the gain, plus a little more, on Friday in the face of what should have been supportive weather outlooks. “While the latest weather forecasts reflect net demand gains, the updated guidance is having little sway over the direction of gas prices as the industry enters the shoulder season,” said BNP Paribas analyst Teri Viswanath. "Consequently, the more probable explanation for today’s reversal is that it is a delayed reaction to yesterday’s outsized stock release.”