I enjoy the clear writing style and (fairly) straightforward opinions of the PES NG analyst: Interestingly, our charts all pointed to last week (June 28) being a near term bottom. Of course, our hopes were that it would break thru the bottom and we had some reasons to believe it would. It never quite works like that though. It’s an old proverb but one that really has some teeth and was taught to me by an old cocoa analyst…”it’s a trend for a reason and trends tend to continue to be trends, get used to it.”
Don’t look for any relief soon from where we are. Yes, storage looks like it won’t be an issue but EVERYTHING else looks like it still will be. When oil got to almost $40 a barrel again, it just dragged gas with it.
No recommendation for action this week other than to remain an active spectator and stay tuned to this same channel. We are painfully aware of how many of our clients are anxious to do something regarding locking up their gas prices for the winter and perhaps beyond. I recognize that the fact that you are reading this suggests you are still turning to us for some direction on what to do. We won’t betray that trust and want you to know we remain frustrated also. Patience is our only remedy right now.