Tuesday, August 11: While a hotter than normal summer continues, surpluses in supplies continue remain hefty at over +400 Bcf. In fact, national daily accumulated CDD’s since June 1 are running 10% greater/hotter versus normal, yet surpluses haven’t improved a single Bcf so far this summer, highlighting an oversupplied market continues. So, clearly, last week’s rally was on forward expectations of a much tighter balance in time.
