Repeat Performance: Nat Gas Tumble
November 13, 2023
Nat gas bulls are probably not smiling. From a six-month high of $3.58/mmbtu on Halloween to $3.03/mmbtu on November 9, Henry Hub spot natural gas prices have taken their second substantial retracement in one month. On October 11, the benchmark hit $3.38/mmbtu, then a six-month high, only to slide to $2.90/mmbtu by October 20.
Commodity trading advisor Stephen Schork of The Schork Report writes that gas and power bulls are likely to face a third consecutive bearish season this winter. Ample gas in underground storage is teaming with mild weather El Niño pattern to make the bearish case.