December natural gas prices failed to break out of congestion yesterday, and that has sent prices down to a new contract low this morning. It's possible that some of that weakness came in anticipation of today's expiration of the November contract. Natural gas seems disconnected from generally supportive fundamentals, like near term forecasts for colder temperatures and a stronger cash market. Some traders also indicated that the market became disappointed with a loss of intensity in Hurricane Rina, which has altered its course away from Gulf of Mexico operations. Expectations for this morning's EIA storage report call for an injection of 85 to 95 bcf, which is above last year's increase and nearly 2 times larger than the five-year average injection.
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