On Friday, 7ten admonishes the bullish natgas Commodity kid, saying:
"you need to do a recount you are wrong..
nat gas is going down.... nat gas zig zag zig
NEW LOWS BUD...."
Then, the very next day:
Natural gas for October delivery settled 18 cents, or 6.4%, higher at $2.992 a million British thermal units on the New York Mercantile Exchange, the highest settlement since Aug. 1. The gain adds to a 13-cent rise Monday.
Research firm FirstEnergy Capital said Tuesday that August gas injections are on pace to come in at the second-lowest ever for the month, at 171 billion cubic feet. With strong demand from power plants expected to continue, the gas surplus may continue to shrink as winter approaches and fuel usage increases.
"We thought utility demand would likely limit inventory [growth], and that's what's happened," said Teri Viswanath, senior natural gas strategist at BNP Paribas. "If we think about where storage will be at year end, we might have erased the storage surplus entirely."
