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Gold/Mining/Energy : Big Dog's Boom Boom Room
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From: quehubo6/15/2006 9:02:08 PM
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A 77 injection is quite bullish. Last week had the holiday impact but the weather was 19 TDD stronger with the holiday. Cooler weather with no holiday led to similar electric demand and a similar injection this week.

Appears incremental electric demand is heavily levered to ng at this point. With ng prices where they are the tightness could be from the switch over from oil to ng. Where the heat has been in the South they can burn plenty of residual or ng I believe.

The weather is bullish and these injections indicate rather strongly that the market has a fairly good handle on the ng S/D balance. The market will appreciate that $5-6 should be able to move all the "excess" required so long as the weather does not become very bearish.

I would be cautious with the coal plays as the ng excess will result in less coal demand this Summer.
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