(Corrects to add “below 2014 levels” in 5th bullet.)
Futures for July delivery rise 0.2% to $2.647/mmBtu at 9:46am London time in electronic session on Nymex.
- Contract earlier Monday fell as low as $2.603/mmBtu, least since April 29
- Vol. of all futures ~55% above 100-day avg for time of day
- READ: Natural Gas Drops Most Since March on Above-Forecast Supply Gain
- “The sell-off was warranted as a number of bearish fundamentals are building at the moment”: Morgan Stanley in e-mailed note on Monday
- Remaining summer injections need to shrink 1.9 bcf/d below 2014 levels to avoid filling past 4 tcf by end-Oct.
- Stockpiles will next wk likely be at surplus vs 5-yr avg for 1st time since Nov. 2013
- Production may rise in June after maintenance
- Weak demand for power because of mild weather, near-record nuclear output
- Strengthening El Nino that may reduce cooling demand in south-central states
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