Bill O'Grady
Bill O'Grady
begin gas middle past peak point prices
Natural-gas prices peak in about the middle of December. That's because once you get past that point you begin to get a better feel for the idea that you're probably going to have enough gas to get through the season.
demand growth likely markets recover remain report supply
Overall, the report suggests that demand will recover this year, while supply growth won't be all that robust. Thus, the markets will likely remain tight.
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If the Nigeria news was happening alone it would do nothing to the market, but together with the risk of Iranian sanctions it takes on a greater importance.
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Natural gas is the real worry. Unfortunately we can't import the missing production. This is largely a domestic market.
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The market is facing some seasonal pressure, but given the violence of the decline and the impending long weekend, I would not be shocked by a short-covering rally into the close.
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Gasoline consumption fell. That suggests one of two things. First is the economy in worse shape than we thought or the high oil prices are starting to be affected by demand destruction.
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The government has got to come up with a way in funding itself.
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We may be at the early stages of realizing that it is not being caused by the evil oil companies but that we do have a real energy crisis.
aggressive buying factor lift primary seeing support today
The primary support factor today is the lift in crude. You also could be seeing more aggressive buying in heating oil.