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Jos Desai
Feb 03, 2023 4:04PM ET
He is deleting my threads
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Natural gas ends a tad lower after bigger-than-expected storage draw
© Reuters.
By Barani Krishnan
Investing.com -- Utilities drew a higher-than-forecast 151 bcf, or billion cubic feet, from U.S. natural gas storage for heating and electricity generation last week, according to government data that helped the market settled above 22-month lows.
Analysts tracked by Investing.com had expected the EIA, or Energy Information Administration, to report a draw of 142 bcf for the week ended Jan. 27, above the consumption of 91 bcf seen in the prior week to Jan. 20.
The front-month March gas contract on the New York Mercantile Exchange’s Henry Hub settled down just 1.2 cents, or 0.5%, at $2.4560 per mmBtu, or metric million British thermal units, after tumbling to a 22-month low of $2.431 on the storage data.
The last time a benchmark gas contract on the Henry Hub traded lower than that was on March 18, when it fell to $2.422.
An unusually warm start to the 2022/23 winter has led to considerably less heating demand in the United States versus the norm, leaving more gas in storage than initially thought.
At the close of last week, U.S. gas storage stood at 2.583 tcf, or trillion cubic feet, up 9.4% from the year-ago level of 2.361 tcf, EIA data showed.
Responding to the warmth and lackluster storage draws, gas prices plunged from a 14-year high of $10 per mmBtu in August, reaching $7 in December and mid-$2 levels this week despite growing forecasts for bitter cold later this month.
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Comments (26)
humanfallibility
Feb 03, 2023 4:01PM ET
if an anti-government (corporation) militant from his couch chewed up your blabbering nonsense and his targets hit 36 days in a row along with a clear valid trend. It at least begs consideration of WHY you chimed in to oppose this trend at the exact moment it was poised to FALL HARDER?. this market is pursuing a course for a reason. Winter demand was weak after Christmas and supply stayed strong. 500 bcf above the 5 year average was projected now for weeks and is now positioning to come true. But you told people to buy into it just as it positioned for a swan dive. Is that because you didn't know better or because you got a bonus for selling this from the bloombag tipline? We won't know but I hope somebody remembers not to trust you. Lying at that moment in time is hard to fathom being coincidental.
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Barani Krishnan
Feb 03, 2023 4:01PM ET
Hey human-whatever-you-call yourself, if this is directed at someone else, I care a damn. But if it's at me, then let me tell you something: I don't ask anyone to buy or sell anything. I cite all the variables that could move the market either way and let people decide what to do. Just remember that before you issue another comment under a story I've authored.
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Jos Desai
Feb 03, 2023 3:26PM ET
Who is going to get hammmered
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Jos Desai
Feb 03, 2023 1:02PM ET
Sucker
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Jos Desai
Feb 03, 2023 10:54AM ET
Any buyers left ? No analysis paralysis period. Get off
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Jos Desai
Feb 03, 2023 9:55AM ET
All analysts. Where is your technical fundamental. Don’t make people fool by your useless analysis. Guys I am here to save retailers. If you in NG wait for 2 more weeks and stay away until NG makes some positive moves. Start nibbling @2..2 or to be safe at 2. Keep nibbling until 1.5 if it goes down. Don’t go all in 25% 2.3 25% 2 25% 1.7 25% 1.5 and you will come out winner and beat this mafia. Just follow this don’t loook at any funda tech. All these people are making retailers fool
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Jos Desai
Feb 03, 2023 9:41AM ET
See in the 2.3 s
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Gaurav Jaswal
Feb 03, 2023 9:41AM ET
is there any bounce back expected to 2.7 or 2.9 in short term, like 2 weeks or so?
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Jos Desai
Feb 03, 2023 9:41AM ET
Start nibbling 10% every week
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Ehab Tarazi
Feb 03, 2023 9:41AM ET
Jos I lost 30k dollars in NG in one month please tell me what to do in NG to recover my money back
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Jos Desai
Feb 03, 2023 9:29AM ET
2.3 today and gap down to 2.1 over the weekends
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Jos Desai
Feb 03, 2023 9:26AM ET
Another 3k contract sold at 4.435. Nice. See mafia continues to run the show. 2.2 first then 2 and if it breaks below 2 we may touch historical low 1.5 just like we saw historical high last summer of the 10
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Jos Desai
Feb 03, 2023 8:58AM ET
2.5k NG contracts sold at 5.515. You see this mafia keeps coming to slaughter retailers. Still don’t get it ? Go get slaughtered
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