Good News – the weekly Natural Gas storage report released this morning showed an increase of 106 bcf of natural gas in storage. That is higher than expected, and higher than the five-year average and similar week last year on a weekly basis.
This is great as the current natural gas contract traded down 9.5 cents within two minutes of the report being released. This is good for consumers as electricity rates should continue to be weak for awhile longer.
As I have mentioned before, $4.44 is a key price point currently for natural gas. After the report was released this morning gas prices dropped to $4.39. The next key price point this Spring is $4.22 – $4.26. Let’s see if we get that low again this coming week, even with the holiday coming up Monday.
Enjoy your holiday weekend.