RE:5 year average storage up from 18% to 21%Last weeks draw was during a fairly warm period from city data across USA eastern areas. This week is colder than normal for sure and will show up on next EIA storage as probably around 189 draw. but this week is the only reason NG May has not plummeted big time. the near and spot are the only supported by this Nor'Easter storm demand for NG, and the forecasts have been getting revised warmer everyday for the last five days. So the forecasts were wrong earlier and are revised. The 90 day just got milder from NY to Georgia and that means a delay to aircon demand for spring USA weather. So after the next EIA we will start to see large injections and the pipeline infrastucture to deliver to USA major centers just keeps coming online along with Canada supplying into the northern states already in a glut.
Bearish.