report for 8/28 looks like we will get a build between 80 and 85 BCF. Bearish against last year and the 5 year avg. Without ol' hurricane Gus, this market would continue it's death spiral.
Stay tuned. After a pre-Gustav run-up this market could potentially wind-up being a HUGE short for a couple of days.
Biggest concern about Gus is if it damages Independence Hub, that platform alone is 10% of gulf production, and has yet to be tested by a major hurricane. After the storms of 2005, the offshore services companies were a huge performer.
http://www.eia.doe.gov/oil_gas/natural_gas/ngs/ngs.html Came in with a net increase of 102 Bcf. :eek:
-UPDATE: Sabine To Shut Henry Hub For Gustav; Declares Force Majeure- www.lloyds.com/CmsPhoenix/DowJonesArticle.aspx?id=402431
What's weird Seth is that Ihave been watching Henry OTC on theice.com and it has dropped since this news. The opening could be wild. COuld be a lot of nasty short covering and stops hit, or there could not be. This reminds me of trading wheat back in February. With the uncertainty.
amazing ... the shorts are squeezing every last drop of blood from the longs tonight this is like watching Dracula
Industry sources quote that nearly 80 BcF has been shut-in cummulatively thus far from Gustav and now Ike. The storm surge alone that will be hitting the Texas coast will be HUGE!!! And if a LOW PRESSURE area is able to creep into the southeastern U.S. late this week, then Ike could really intensify in a most dramatic fashion. Lots of refineries shutting down and with no power for several weeks - - - that would be the forecast.