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Gas Finishing the Week Strong

August 14, 2020

Natural Gas is wrapping up the week on a strong note. Yesterday the EIA reported an injection of +58 BCF, 2 BCF more than analysts had been expecting. Despite that small miss, the market was firm. Today, prices vaulted to new highs on the move with no real fundamental change/news. Cash prices are strong. Typically when there is no news for a (notable) market move, it means the move is real. The backdrop is the same. LNG sendouts are improving on a month over month basis. It is worth repeating that the gas rig count, at 69, is the lowest ever on record since data has been tracked going back to 1987. 

 

Crude Oil is meandering sideways in another week of quiet trade. A European uptick in Covid is keeping a lid on prices.  



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