Weather outlook for natural gas

The latest weather forecasts from the NOAA appear to be getting increasingly supportive for natural gas as we move further into August.

From the map we can see that we are looking at normal to above-normal temperatures across the bulk of the US.

Price is still below the 3.40/mmbtu mark and our spread has been hovering between 39-40.

There is also some talk of some tropical weather patterns beginning to form so that's something else to keep an eye on.

On Thursday we have the latest storage number and I'm thinking this might be the time to close out our spread.