| CALENDAR |
EIA Storage Report Calendar |
EIA Natural Gas Storage Report TOMORROW (Thursday 10:30 AM ET). Highest volatility catalyst of the week. Consensus vs actual determines direction — check Weather engine for forecast. Strategy: position BEFORE open Thursday, not after number. |
1d |
|
| WEATHER |
NOAA Weather Forecast — HDD |
7-day HDD forecast: 50 vs normal 95 (-45 HDD below normal). Warmer-than-normal → demand miss → storage build coming. EIA number will disappoint bulls. |
21d |
|
| LNG_EXPORT |
LNG Arb — TTF vs Henry Hub Spread |
TTF: $27.96/mmBtu vs Henry Hub: $2.96/mmBtu (ratio: 9.4x). Europe paying 3x+ → every available LNG molecule exported → domestic supply tightens → Henry Hub must rise 2-4W. |
21d |
|
| STORAGE_FUNDAMENTAL |
EIA Storage — Well Above 5Y Average |
Storage at 3724 BCF = 31.5% ABOVE 5Y average (2833 BCF). Significant supply cushion suppresses price. Bears in control until deficit develops — could take entire injection season. |
30d |
|
| STORAGE_WHISPER |
Storage Whisper Model — EIA Surprise Forecast |
Own storage model estimates: +689 BCF (seasonal base: -55 BCF). Bullish build surprise of 744 BCF vs normal. Confidence: MEDIUM. Driver: weather adj=+13 BCF | prod adj=+730 BCF. |
21d |
|
| POWER_BURN |
PowerBurn Engine — EIA monthly data |
Gas-fired generation: 160 GW vs seasonal normal 92 GW (+68 GW / +74%). Power sector burning more gas than weather model implies. Implied extra demand: +0.51 BCF/day above normal. |
21d |
|
| LNG_FEEDGAS |
LNG Arb — JKM Netback Open |
JKM proxy: $26.91/mmBtu | Henry Hub: $2.96 | Netback: +$20.45/mmBtu after shipping. Asian LNG arb wide open — every available US cargo gets exported. Structural export demand locked in for 3-6 months (cargo bookings made now). |
21d |
|
| BASIS |
Henry Hub Basis (Cash vs Futures) |
Henry Hub cash ($2.630) at -11.2% DISCOUNT to NYMEX ($2.963). Physical oversupply — futures must converge DOWN. Bearish resolution in 1-5 days. |
21d |
|
| GWDD |
GWDD Engine — 7-Day Forecast |
GWDD -32 vs normal (7d). Warmer than normal across gas-demand regions. Storage build premium incoming: ~13 BCF above seasonal. |
21d |
|
| OPTIONS |
UNG Options — PCR Contrarian |
PCR = 0.47 (complacency — everyone buying calls). Crowded bullish options = sell signal. Market often punishes crowd. |
21d |
|
| PRE_DISCLOSURE |
SEC EDGAR — Producer Hedging Activity |
12 major NG producers (EQT, RRC, CTRA, CHK) filed recent 10-Q with hedging disclosures. When insiders lock in prices at scale, they don't expect higher prices. Bearish commercial view — 30-90 day lead. |
45d |
|
| PIPELINE_BASIS |
Pipeline Basis — Dominion South (Appalachian) |
Dominion South at premium to HH (+4.59). Appalachian gas being pulled to Henry Hub — tight northeast supply. Mild bullish: regional tightness flowing through to HH. |
21d |
|
| OPTIONS |
UNG Options — Max Pain |
Max pain at $9.00 UNG (-3.1% from current). Price gravitates toward max pain by expiry (2026-11-04). Options sellers control price pinning near this level. |
21d |
|
| CALENDAR |
FOMC Meeting Calendar |
FOMC meeting 2026-11-04 (0d away). Fed rate decision → DXY reaction → commodity reprice. Hawkish surprise = DXY up = NG headwind. Dovish/pause = DXY down = commodity tailwind. |
0d |
|
| SILENCE |
UNG Short Interest — Low (Complacency) |
UNG short interest only 0.0% of float. Low short interest = everyone already bullish. Little short-covering fuel. Rally may be exhausted. |
21d |
|
| PIPELINE_BASIS |
Pipeline Basis — Waha Hub (Permian) |
Waha at -1.02 to HH. Mild takeaway pressure in Permian. Some stranded gas but not extreme. Watch for widening. |
21d |
|