Are you a longsuffering natural gas bull?
If so, you’re probably excited by the latest news that the EIA is revising its natural gas statistics to show that there’s less gas out there than assumed.
Presumably that means prices — which are in the basement — are heading higher.
Don’t be too sure.
First of all, traders have known about this news for a while, and natural gas hasn’t really done a whole lot. There was a jump earlier this week, but only to levels seen at the end of March, big whoop.
Beyond that, the amount of natural gas in the ground isn’t the big issue. Sure, we may not have an infinite amount sloshing about, the fact remains that natural gas storage facilities are bursting at the seems, and as long as that’s the case we have an oversupply.
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