Today's NG Price Climb Commentary (Celsius)....I Quote:
Natural gas was the beneficiary of multiple pieces of bullish news on Thursday that sent prices soaring. First and most obvious, the EIA’s storage report was a resounding bullish shot across the bow, quickly erasing any bearish momentum from the previous week’s disappointment. Additionally, LNG export demand jumped back to 11 BCF/day after spending the previous two weeks in the 9.5-10.5 BCF/day range. And finally, Tropical Storm Ida developed as expected and is still on track to become a powerful hurricane this Weekend across the northern Gulf of Mexico. However, the track has shifted steadily eastward from the Texas-Louisiana border towards eastern Louisiana. This takes it further from the Freeport, Sabine Pass, and Cameron LNG export facilities and could support consistently higher exports while still shutting in production. More on this later. As a result, the September 2021 front-month surged 29 cents or +7.4% to settle at $4.18/MMBTU. This is the highest settlement for the front-month contract since December 12, 2018, although prices did reach $4.22/MMBTU intra-day on August 4 before settling at $4.16/MMBTU.