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Watching Nat Gas after EIA storage report
EIA storage report out this morning a bit higher than expected, but the reaction in $UGAZ has been muted so far, trading around 10.82. We're still in that range, bouncing off yesterday's low of 10.61. Thinking about how much of this is already priced in versus actual demand outlook. Cold snaps haven't materialized as strongly as some models predicted, which could keep a lid on things. On the watchlist, looking for a clear break above 11.25 on higher volume before considering any short-term bullish plays. Otherwise, could see a drift back towards the lower end of the recent channel. Always tricky with commodities in shoulder seasons.
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It's interesting how little movement we're seeing despite the higher storage build. I wonder if the market is just shrugging it off, anticipating colder weather further out, or if demand concerns are genuinely dampening any upside.