11/23/10 Nat Gas is approaching its mid-Sep highs as cold weather is forecasted to continue for the next 10-14 days.
Today’s high is $4.29 up from lows around $3.70 on Oct 25. The Jan.’11 Futures Contracts is at $4.39
Storm and Nat Gas Update 11/19
Thursday’s EIA storage data showed an injection of 3,043 bcf or an increase of 9.3% above the 5 year average. So for now it looks like gas inventory trumps weather. Nonetheless gas futures are up 9 cents today to $4.09 above recent low of $3.80.
In the meantime the West Coast winter storm has been upgraded and 3-4 ft of snow is expected in the Sierras over the weekend.In recent years 2002-2003, 2003- 2004 and 2008-2009, Mammoth Mtn. had November snowfalls in the 120 inch range so it would be interesting to see if these were LaNina years.
Colder Weather Coming-Below Average Temperatures in Midwest and NorthEast over next 10 days
Today kicks off the West Coast snow alert with the Northern tier (MT) getting some big dumps and CA with great prospects.
Big Sky will open November 25 and already has a 2ft base with more to come this week.
Mammoth is now open with cold weather and snowmaking and a little snow this weekend.
NOAA is forecasting colder weather for the West over 6-10 days and a Colder NorthEast over the next 14 days.
Precip should stay to the Northern tier after this weekend.
Nat Gas traded up today with DEC contracts trading at $4.03. Previous NOV high was at the $4.20 level.
Looking to break through $4.20 with colder weather in the Northern Tier over the next 10 days.