$ProShares Ultra Bloomberg Natural Gas (BOIL.US)$ Yeah Baby…...

Yeah Baby…!!!!

US natural gas futures dipped below $2.9/MMBtu, cooling off after a 9% surge on Monday. Gas traders await EIA data on Thursday, amid expectations that utilities added more gas to storage last week than usual, with storage currently about 6% above the seasonal average. This would mark the fourth consecutive week of higher-than-normal builds, a trend last seen in October 2022. While heating demand is set to rise later in November as colder weather approaches, forecasts suggest warmer-than-normal conditions through Nov. 20, with temperatures turning closer to average by Nov. 21-27. Production has also declined, with average gas output in the Lower 48 states at 100.0 bcfd in November, down from 101.3 bcfd in October and below the record 105.3 bcfd from December 2023. Recent production drops, hitting a nine-month low of 98.3 bcfd on Tuesday, were partly due to disruptions from Hurricane Rafael, which affected the Gulf of Mexico.