Energy Prospectus

Working gas in storage was 3,710 Bcf as of Friday, October 20, 2017, according to EIA estimates. This represents a net increase of 64 Bcf from the previous week. Stocks were 189 Bcf less than last year at this time and 46 Bcf below the five-year average of 3,756 Bcf. At 3,710 Bcf, total working gas is within the five-year historical range.

This should be the last significant build in gas storage. It looks like the winter heating season will begin with ~100 BCF less gas in storage than the 5-year average of 3,877 BCF.

Isn't the crucial question when investment will rotate from the hot general market to energy?

I think you are 100% correct. The fundamentals for oil, natural gas and NGLs are much better today than they were a year ago.

Watch this short video: https://vimeo.com/239721426/827a722be5/

The November forecast for U.S. weather is extremely bullish for natural gas, but December is the key month. If December is COLD in the eastern half of the U.S, especially the Great Lakes Regions, I think we see Q1 natural gas prices over $4.00. As David points out in the video, a colder than normal winter can support gas prices for the entire next year. That is what happened in 2014.