Natural Gas Futures Plunge https://www.naturalgasintel.com/natural-gas-futures-plunge-below-5-as-weather-fundamentals-bad-as-youll-ever-see/
..............The Energy Information Administration (EIA) has delivered a string of huge storage injections to the gas market that only two months ago contemplated having to price gas high enough in order to meet domestic demand this winter, rather than export it overseas. After soaring to about $10 in August, Nymex futures have more than halved amid a steadily improving supply outlook.
The latest EIA report showed a stout 111 Bcf injection for the week ending Oct. 14, lifting stocks to 3,342 Bcf, which is only 106 Bcf below year-ago levels and 183 Bcf below the five-year average.
As important, the 41 Bcf build in South Central stocks, including 18 Bcf into salt facilities, was a big contributor to the recent sell-off in futures, according to Mobius Risk Group. Adding to the downside risk is that warm weather forecasts suggest plump storage increases could continue well into November.
The combined East and Midwest storage regions now stand at 1,799 Tcf, less than 100 Bcf behind last year, according to EIA. In the West, the combined Pacific and Mountain storage regions put in 5 Bcf for a combined inventory of 444 Bcf, which is less than 20 Bcf behind last year.