Surprisingly MEMP hit something like an all-time low today. Somebody's given up on the story.
Let's hope there are no surprises under the bed.
MEMP hits all time low
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bearcatbob
Re: MEMP hits all time low
We need to see this heat wave reflected in NG injection data and a price response in NG to change this ugly trend.
Re: MEMP hits all time low
Amen to that, Bob. Meanwhile this from Myra Saefong:
Oil futures headed lower in electronic trading Tuesday after the American Petroleum Institute reported that U.S. crude [inventories] fell by roughly 800,000 barrels for the week ended July 22, according to sources. Analysts polled by S&P Global Platts forecast a decline of 2.6 million barrels for crude inventories. Sources also said the API data showed supplies at the oil-storage hub at Cushing, Okla. rose by a more than expected 1.4 million barrels. The closely watched Energy Information Administration report will be released Wednesday. September crude CLU6, -1.09% was at $42.65 a barrel in electronic trading, down from the contract’s settlement of $42.92 on the New York Mercantile Exchange.
Oil futures headed lower in electronic trading Tuesday after the American Petroleum Institute reported that U.S. crude [inventories] fell by roughly 800,000 barrels for the week ended July 22, according to sources. Analysts polled by S&P Global Platts forecast a decline of 2.6 million barrels for crude inventories. Sources also said the API data showed supplies at the oil-storage hub at Cushing, Okla. rose by a more than expected 1.4 million barrels. The closely watched Energy Information Administration report will be released Wednesday. September crude CLU6, -1.09% was at $42.65 a barrel in electronic trading, down from the contract’s settlement of $42.92 on the New York Mercantile Exchange.
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bearcatbob
Re: MEMP hits all time low
We spent the last week at a resort 90 miles north of Toronto. Temps hit 90+. I went golfing today here in NE Ohio and the car said the outside temp was 92 on my way home in the late afternoon.
If temperature is ever to help us - now is the time. It does not appear to be helping. Me thinks supply behind pipe - or in other ways previously restricted - is much larger than one can even imagine. This weather is everything NG price bulls could have asked for - and the price for NG falls. Not good.
If nothing else - it is amazing how far a golf ball flies when it is 90F. The temps are turning me into a "gorilla" on the golf course. Cooler temps will return me to old man reality.
Bob
If temperature is ever to help us - now is the time. It does not appear to be helping. Me thinks supply behind pipe - or in other ways previously restricted - is much larger than one can even imagine. This weather is everything NG price bulls could have asked for - and the price for NG falls. Not good.
If nothing else - it is amazing how far a golf ball flies when it is 90F. The temps are turning me into a "gorilla" on the golf course. Cooler temps will return me to old man reality.
Bob