RE:More of abnormal warm weather until ChristmasYeah given the forecast it was odd that this EIA report happened:
December 7: Today’s EIA weekly nat gas storage report printed a draw of -117 Bcf, larger than the 5-year average of -48 Bcf and a much larger draw than survey averages of -105-110 Bcf. The draw decreased supplies to 3,719 Bcf and decreased surpluses from +303 to +234 Bcf. https://natgasweather.com/ They appear to be burning NG regardless of the weather.
GLTY and all
houbahop wrote: As posted by NOAA, december 8th:
https://www.cpc.ncep.noaa.gov/products/predictions/814day/814temp.new.gif
And producers increasing the number of rigs at work, it is a perfect setup to
bring Natgas prices to record lows, sub $2 during winter months.
It will be interesting to see if Peyto maintains its plan to increase production and sell it
under $2/Gj. Hopefully, they will have a Plan B to address the situation, instead of trying to grow it
in a poor environment like they've done in the past.
Now, maybe its a good time to minimize capex dollars to have some flexibility for a future buyback of shares or a debt reimbursement.
Odds of seeing PEY trade at $10 increases week after week.