Thanks, and that "magic pen" of yours sure makes things clear !!
Any thoughts on this mornings EIA report or the following behavior ????
The preliminary "guesstimates" on Wed. were:
EIA Final 60
DJ.....P 62,... Range 51, 57, 80
Platts P 58-62, Range 51-72
So .... The build came in below or at estimates so one might have expected price to go up as demand was greater than expected. I allow the difference was not all that much.
So, apparently the implied supply/demand of the report was not enough to really impact the market. One might conclude that price just continued down in accordance with the "seasonal trend".
Nor did the Sequoyah 1 Nuclear plant in Tenn. going down have any effect. There is hydro in that area but with the heat is likely going full bore, so some backup had to come on line. Maybe, coal, but in any event nothing observable resulted.
My observation is:
Price did immediately drop, and I have "no clue" what happened around 1pm eastern. What I do notice that there was little "volatility" over the rest of day and the market seems to have found a "floor" around 4.36.
We'll see. Today may just be part of the "pullback" I was expecting (a little bigger tho), then again it may run right on down to the 4.2 area again !!!!
So far, the Heat has had "little short term impact" and it is not like everyone doesn't know about it !!!!
I suspect production may be a bit on the high side and some producers with gas in "rented storage" that were looking for higher prices are shedding some of that every time the price moves up a bit in this "trading range".
On the storm you posted:
I don't want to see folks get "trashed in the Gulf" with a severe storm, but I do want to pay attention. I don't know that the storms of last year are all that visible looking at a 2 year daily chart.
Anyway, Life goes on !!!!