A bullish inventory report today but so far the reaction has been somewhat muted. The market is currently about $0.05/mmbtu above where it was trading at just prior to the release of the data. The current round of above normal temperatures along major portions of the east coast is currently contributing to the muted reaction. Today's inventory report could be the beginning of a change in the market direction as the temperatures across most of the country will be below normal beginning the third week in January. If the actual temps are in line with the latest NOAA projections we could see inventory withdrawal levels running at above normal levels heading into February.
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