25
Aug

Weekly Wrap – Week Ended 08/24/07

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Natural Gas Weekly Wrap

  • Storage: 23 Bcf injection, a little light to my expectations and the Street's. Look for a continuation of the YoY storage surplus next week. 
  • Prices in massive sell off.This actually started when Dean kept heading west missing the northern GOMEX.
  • CFTC - Sharp drop in the net short position was brought about by a 5% increase in longs and a 13% decrease in shorts who were still running scared of Dean at the time.
  • Gas Directed Rig Count - At 1,500 the count is bumping up against 20 year highs (which is the furthest back Baker Hughes breaks out rigs on an oil vs gas directed basis.)

 

 

 

One Response to “Weekly Wrap – Week Ended 08/24/07”

  1. 1
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