November natural gas prices are in the process of extending this week's rally and have broken out to their highest level since August 9th. The market garners support from weather forecasts calling for cooler temperatures, and that is seen supporting heat-related demand for natural gas. Further support is coming from offline US nuclear capacity, about 3% above the five year average, which is also seen bolstering power generation demand for natural gas. Expectations for this morning's EIA storage report are for an injection in the range of 75 bcf, which is considerably below the same week last year of 105 bcf but inline with the five year average of 76 bcf. The bull camp maintains control in the near term, with upside targeting coming in at $3.30.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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