Withdrawal Greater Than Expectations
The EIA reported a 134 Bcf Injection for the week ending November 16, 2018. The withdrawal was one of the largest withdrawals for this week of the year, much greater than the average, 47 Bcf, and greater than the average of expectations of a 110 Bcf withdrawal.
Prices continue to be very volatile. We expect the volatility to continue given the low storage level and the changing winter weather.
Consequently, for the short term we recommend consideration of being on the sidelines.
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