Is this the turning point in natural gas?

With the unseasonably cool weather we've seen throughout a large portion of the US, natural gas has seen a bit of a sell off.

Last week there was a large injection into storage (albeit there was a reclassifcation) and this week we also saw an injection well above the 5-yr average.

However the 65 BCF injection came in below the average of the analysts forecasts which was actually 70 BCF.

The forecasts out of the NOAA are calling for a move higher in temperatures across the bulk of the US and this will likely reduce the level of injections over the coming weeks. We are also seeing some tropical weather patterns developing, that as yet won't impact natural gas, but they're certainly worthy of note.

There are still two more weeks to run of this particular seasonal window with the bulk of the moves appearing to be in late August. However I'm not overly convinced this time around as we aren't in a "normal" season per se.

3.40/mmbtu has been a level that underlying natural gas has been stuck below so it's interestingly poised at the moment.

I think I'm actually going to take off my natural gas position, but I'll be very interested to see how the next two weeks play out.