Gas price outlook firm despite injection surge

The natural gas price bulls are feeling a bit nervous in the wake of a couple of weeks of strong storage injection rates.Given the likely trends for the overall US gas storage outlook, summer weather patterns, and oil prices in the months ahead, however, the bears would be well-advised to stay in hibernation a bit longer.Storage surgeNatural gas prices drifted back below $6/Mcf at the end of May in the wake of two consecutive strong weeks of injection into storage. Back-to-back record injections of 90 bcf and 95 bcf into storage occurred the weeks ended May 16 and May 23, respectively."Weather-adjusted injections were about the same rate in 2001, when prices crashed," noted Ron Denhardt, ...

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