Nat Gas Up in a Big, Big Way? One can hope...
This article was the first I've seen regarding physical supply of Natural Gas on hand in the US, and it sounds really bullish to me... but I haven't confirmed any of it.
"Inventory Deficit Narrows - Working gas stocks’ deficit to the five-year average decreased, and the deficit to the bottom of the five-year range increased. In the Lower 48 states, total working gas stocks are 427 Bcf lower than the five-year minimum, and every storage region is currently lower than the bottom of its five-year range. The deficit to the bottom of the range increased in all regions except the Pacific and South Central salt regions. As of this report week, the Midwest region is 58 Bcf (6%) lower than the five-year minimum, and the South Central region, including both salt and nonsalt facilities, is 182 Bcf lower than the five-year minimum."
I'm not good enough at Elliott Wave to provide the accurate counts relative to the cycle/subcycle etc, but I recognize the patterns and this looks bullish short term... then zoomed out it looks insanely bullish.
I honestly think we will see NG between $5 and $7 before the end of winter. Just a couple cents worth of opinion.
"Inventory Deficit Narrows - Working gas stocks’ deficit to the five-year average decreased, and the deficit to the bottom of the five-year range increased. In the Lower 48 states, total working gas stocks are 427 Bcf lower than the five-year minimum, and every storage region is currently lower than the bottom of its five-year range. The deficit to the bottom of the range increased in all regions except the Pacific and South Central salt regions. As of this report week, the Midwest region is 58 Bcf (6%) lower than the five-year minimum, and the South Central region, including both salt and nonsalt facilities, is 182 Bcf lower than the five-year minimum."
I'm not good enough at Elliott Wave to provide the accurate counts relative to the cycle/subcycle etc, but I recognize the patterns and this looks bullish short term... then zoomed out it looks insanely bullish.
I honestly think we will see NG between $5 and $7 before the end of winter. Just a couple cents worth of opinion.
Trade closed: target reached