Shorts Jump off Cliff: US Natural Gas Soars 19% in Two Days
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
wolfstreet.com / by Wolf Richter •
Natural gas in the US is a curious creature. Unlike oil, it is not a globally traded commodity. North American production is landlocked, with practically no LNG export possibilities at this time, though big dreams are in place to make that happen, and many billions of other people’s dollars have been sunk into these dreams.
Gas exports via pipeline to Mexico have been growing as additional pipeline capacity went into service over the last two years. Mexico is switching power generation from its own oil to cheap US natural gas. This allows it to export its more valuable oil to the US. But building gas-fired generating capacity is a slow process, and these exports to Mexico are relatively minor in the overall scheme of things.
The US also exports natural gas to Canada. But it imports more from Canada than it exports to Canada and Mexico combined. Hence overall, the US remains a net importer of natural gas.
So the rest of the world has no impact on the price of natural gas in the US. There were times when LNG sold for eight times more in Japan than it traded for on the NYMEX. This cordoned-off market is a favorite playground for the Big Money because it’s relatively easy to push it one way or the other to one’s liking.
And natural gas is a near-term bet on the weather, except when it’s not. So everyone is prodding their weather gurus to predict the temperature over the next few days and weeks: if the next cold-wave would be big enough to jack up demand for heating purposes, or if the next heatwave would force power generators to burn through vast quantities of gas so that folks can max out their air conditioners.
The post Shorts Jump off Cliff: US Natural Gas Soars 19% in Two Days appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2015/01/14/shorts-jump-off-cliff-us-natural-gas-soars-19-in-two-days/
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