To The Moon

$Bloomberg Natural Gas Bull 2X ETF(BOIL)$ In its latest Short-Term Energy Outlook, the EIA cut - again - its estimates for natural gas prices for this year and next. The EIA now sees prices averaging $3.02 per MMBtu this year, down by 11.2% from its previous forecast of $3.40 per MMBtu. The EIA has also lowered its forecast for natural gas prices for next year to $3.89 per MMBtu, down from its estimate of $4.04 per MMBtu made in its previous report.

“Although we reduced our Henry Hub price forecast from last month’s STEO, we still expect natural gas prices to increase in the coming months,” the EIA said.

The Henry Hub spot price averaged $2.38 per MMBtu in February, the lowest monthly average since September 2020.

According to the EIA, prices are set to go up from the February lows due to rising demand from the Freeport LNG export facility reopening, seasonal increases in demand in the electric power sector, and relatively flat domestic gas production for the rest of 2023 as producers reduce drilling in response to lower prices.

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