Front-month gas hits two-week high above $2.
“After a sharp miss across the board by analysts for storage release last week, this week’s report will provide confirmation as to whether last week’s surprisingly low number was a fluke or if it marked the beginning of an acceleration towards the 5-year average,” the energy research house said in its outlook, adding:
“The south-central region – and all things supply and demand – were said to be last week’s tough nut to figure given the 18-bcf build reported. Most surveys pointed to almost double that. Duke indicated restoration efforts can be slowed by high winds and widespread flooding, and customers in areas hardest hit by Idalia “should prepare for extended power outages and extensive damage.”
Given the unknowns around Idalia, SPGlobal said it thought a build of 35 bcf for last week’s storage should be right on the money.
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