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JIM COOP
3 minutes ago
All of the short term so called bullish news is meaningless in the face of low demand and over supply. Yesterday's NEGATIVE PRICES are a very big deal. If anyone really understood that they would not buy a single futures contract in the month of June. The ETFs have made it possible for any stock market Joe to pump NG hoping to cash in a squeeze. You can squeeze but you can not hide from oversupply and the effects of Contango. A break of last contract's low of 1.48 is coming. RECORD NEGATIVE PRICES ----
Next-day gas prices at the Waha hub fell to a three-week low of negative $2.72 per million British thermal units (mmBtu) on May 6 from positive 25 cents on May 3.
That compares with averages in Waha of negative 26 cents per mmBtu in April, positive 94 cents so far this year and positive $1.82 in 2023.
Next-day power at the Palo Verde hub in Arizona fell to a one-week low of negative $2 per megawatt hour (MWh) on May 6 from positive $11.75 on May 3.
That compares with averages at Palo Verde of positive $1.48 per MWh in April, positive $21.12 so far this year and positive $59.03 in 2023.
Next-day power at South Path-15 (SP-15) in Southern California fell to a one-week low of negative $3.25 per megawatt hour (MWh) on May 6 from positive $12.50 on May 3.
That compares with averages at SP-15 of negative 13 cents per MWh in April, positive $21.58 so far this year and positive $59.86 in 2023.
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