Apologies for the lack of a Daily yesterday, but circumstances would not facilitate. Nothing new to report except that the market is very comfortable with this range (major range between $1.51-$2.00, inside range of $1.60-$1.90) for a couple of months now and what is curious to this observer is the lack of interest in selling the winter down on these moves down. Looking at the chart above the winter has declined almost 5% from the early May high while the series of prompt months (June and July) have shed nearly 26%. The market seems to be saying that summer is no issue — plenty of gas to inject but not sure about next winter. Seems to be a good time for a storage operator. What confuses me, is the lack of selling into the winter with great margins for the storage operators. As discussed in the long term on the web site, something is going to break here.
