- The weather is rather good, there are no excessive drops in temperature, resulting in lower gas consumption
- The lockdown in Europe will result in the cancellation of gas deliveries from the US
- The number of open positions for subsequent contracts is limited, which shows that we are not dealing with panic buying
- Still, the positioning is very high and extreme
- Seasonality shows several weeks of high levels followed by declines
- The forward curve for the next two months is relatively flat, followed by significant drops
As one can see, the number of open gas positions on December or January contracts is relatively low compared to previous months. Source: Twitter @BrynneKKelly
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