Natural Gas Prices
from ChartWorks:: published by Institutional Advisors
Natural gas inventories are at multi-year highs for this time of year. This has kept prices low, but not out of context with similar years. Even at todayís $5.45 price (that only feels depressed when related to last yearís $15 high) prices really arenít that cheap. You can see from the following chart that 2005 was the only one year which started the autumn rally from a higher level.
We appear to be setting up for a seasonal low by month end that should be followed by a six to eight week rally into late October or early November. Barring abnormally cold weather, we continue to assume that the seasonal high will be capped in the $9 to $9.50 range by year end. Such an appreciation should permit the gassy royalty trusts to increase their monthly distributions in the coming months.
Arrows identify when inventories were at multi-year highs in the first week of September
The opinions in this report are solely those of the author. The information herein was obtained from various sources; however we do not guarantee its accuracy or completeness. This research report is prepared for general circulation and is circulated for general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that income from such securities, if any, may fluctuate and that each securityís price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not necessarily a guide to future performance.
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January 19th, 2020
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