Hi CeeJay,
Thanks for the weather update !!!
I assumed you were away when you didn't post on Sunday .....
Looks like the Ng market initially saw "demand destruction" as the over riding factor in ISAAIC as price fell until yesterday.
I have mixed thoughts on Today's storage report as it is really based on lasts weeks "pre Isaaic" numbers.
Oh well, who ever said Ng price behaved "logically" !!!!! I think we we will see the reduced demand from the rains show up over the next two weeks.
I was hoping the rains wouldn't peter out over MO as the folks on north sure could use some rain as well. Right now looks to be curving eastward but IL, IN, OH and whatever else to the east that gets some rain can likely use it !!! Maybe the barges will begin to "float" down the Mississippi so that the farmers can finally ship what they have managed to salvage from the drought !!!
Interested in seeing how this finally plays out. Looks like hurricanes (within reason) are now "net bearish" for Ng price.
From what I have read, the GOM platforms have been "beefed up" and are fairly immune to damage. The lost production is not all that significant these days especially with the amount of gas in storage and on going production from northern areas.
I have been following CK's thoughts as he posts... Although I do not understand the Elliot wave theory he doesn't seem to be far "off base" with his thoughts !!!
Hope all is going well, keep in touch !!
Thanks, Lee