At this time of year, we should be seeing rapid increases in US natural gas storage as it gets saved for the winter heating season. The thinking was this would increase at an even-faster pace with the Freeport LNG plant went down due to an explosion.
But high temperatures have led to a greater power burn.
This week's EIA storage report showed a build of just 32 bcf, much less than the 47 bcf expected and last week's build of 58 bcf.
In turn, US natural gas at Henry Hub is up over $8. This breaks the 61.8% retracement of the Freeport fall. That's a level that Greg highlighted yesterday.
