at this rate in 2 weeks we will be well below the 5 year average,,,,,,,,,,, By Myra P. Saefong NGZ13
SAN FRANCISCO (MarketWatch) -- Natural-gas futures gained more ground on Thursday after the U.S. Energy Information Administration reported that supplies of natural gas fell 45 billion cubic feet for the week ended Nov. 15. That was more than expected and marked the first decline of the heating season. Analysts surveyed by Platts expected a decline of between 36 billion cubic feet and 40 billion cubic feet. Total stocks now stand at 3.789 trillion cubic feet, down 89 billion cubic feet from a year ago but 15 billion cubic feet above the five-year average, the government said. December natural gas /quotes/zigman/2294296/realtime NGZ13 +0.19% was at $3.74 per million British thermal units, up 6 cents, or 1.7%.
So Fred...remember our discussion about the WTI/Brent Spread? lol. $15.00. I wish I had held onto my SCO for longer. I would have gotten out even. I sold out of my UGAZ this am at 14.90. I have buy orders in a bit lower set.
Yes I remember the WTI/Brent spread issue. Liza was saying WTI would be a premium over Brent when the spread hit 4 dollars and I kept saying it will never happen, but I also never thought the spread would get this big. I will probably wait to get into oil until spring, if the Iran issue is solved along with the amount of oil being pumped in Iraq we still could see oil under 90 after Christmas is over. The IEA last report says the market will be flooded with oil, a few reasons is U.S uses less every year, third world countries economy doesn't look good and more oil coming on line, good luck