Natural gas broke out above $4.00 in decisive fashion as the trade seemed to embrace the fact that Goldman Sachs has upped their natural gas forecast and catching up with the bottom that I called in January.
While manufacturing reported weakness caused a drop in oil, heating oil led a product comeback. Yet it was natural gas that quietly closed above $4.00 that was perhaps the most interesting move of the day.
Well a few tweaks to my model and we called the natural gas number right on the button. While my estimate was off of main stream expectations, the market hit a new high for the year on the 146bcf withdraw.