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Natural gas -8% as forecasts call for warmer than average weather

  • Natural gas futures are down ~8% as supplies rise toward record levels amid expectations of a warm start to the winter, sending shares of energy companies with heavy exposure to natural gas sharply lower; CHK -8.7%, SM -7.7%, RRC -7.4%.
  • Adding to the volatility is the expiration of the November futures contract Wednesday, which recently was trading at $2.06/MMBtu, a level last seen in 2012.
  • "This could be a blow off bottom," says Again Capital's John Kilduff, who says the price is hit by expectations that a record amount of natural gas will soon be in storage; weekly data show gas storage at 3.81T cf vs. a record 3.93T cf in November 2012.
  • Weather forecasts released last night called for “significant warm trends” across much of the U.S. in the next two weeks, according to MDA Weather Services.
  • Crude oil prices also are lower, as lingering concerns over a global supply glut and weakening demand send prices toward their lowest settlement in six weeks.; WTI -1.5% at $43.95/bbl, Brent -0.8% at $47.61.
  • ETFs: UNG, USO, OIL, XLE, UGAZ, UCO, DGAZ, UWTI, VDE, ERX, OIH, SCO, BNO, BOIL, GAZ-OLD, DBO, OTC:DWTI, ERY, FCG, DIG, GASL, DTO, DUG, KOLD, BGR, USL, IYE, UNL, DNO, FENY, FIF, PXJ, OLO, SZO, RYE, DCNG, FXN, OLEM, DDG

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