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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.)
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