By next week below $3 probably $2.90 where the utilitiy buyers will return.
The previous week was an extreme cold preiod for the continent and yet the draw was could I say very subdued. The gas fields must be able to supply a lot to the pipelines on short notice.
Looked like spot purchases were strong as the prices last week for spot were high while futures fell big during the big freeze.
I have to deduce from that the storage EIA numbers factor will be less influencial over the coming shoulder period and only effect regional submarket prices where pipeline restricts supply to consumers.
Looks like well head pricing will be more influence than storage numbers. And we all know that there is lots of frack gas out there even with reduced drilling activity. The price of NG may head to $2.50 range again over the long term.
If the Chinese start frackin for gas then even LNG export ports that NA is building could be white elephants in a few years.