Record Natural Gas Need Keeps Bulls Betting on Advances: Energy - Bloomberg:
"The cold snap in the Eastern U.S. persuaded hedge funds and other speculators to keep betting on rising natural gas prices, accumulating the most bullish position for this time of year since at least 2010.
The polar vortex that sent temperatures tumbling across the country in January boosted consumption by households and power plants to all-time highs. Waves of frigid weather through March pushed stockpiles to the lowest level in 11 years.
Almost 3 trillion cubic feet of gas will need to go into storage during the warm-weather months to cover winter demand, something that’s never been done before. Bank of America Corp. and BNP Paribas SA say stockpiles may rise to less than 3.5 trillion cubic feet by the end of October, about 300 billion short of last year’s high. It will take the record production forecast for this year to get there, said Francisco Blanch, commodities research head at Bank of America in New York."
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