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TFC Commodity Trading Forum

Re: Oct Nat Gas/Testing Resistance/Sold Off/Lee *LINK*

From CNN: "In advance of the weather, BP and ExxonMobil ordered their Gulf rigs evacuated and have shut down their wells, spokesmen for those companies told CNN. Chevron, meanwhile, has ordered nonessential workers off the platforms, and Shell said it had begun taking some of its workers back to shore Thursday afternoon".

The Gulf storm is slowly organizing but model solutions remain very diverse for both track and intensity. Track forecasts run from the Mexican coast to the florida panhandle and intensity from weak tropical disturbance to Category 4. The most plausible solution to me is one where the system meanders over the northern Gulf for a few days gaining intensity. Eventually I expect it to lift out to the NE. Its this kind of unpredictability and randomness which will force more prudent i.e. broader responses from the Oil and NG producers and so I do expect to see considerable upwward presssure on NG tomorrow and even Monday as well, depending on how this thing evolves.