NG is down~7% from yesterday’s close. I don’t know why it is down sharply. Often that is a sign that the most recent EE/GEFS runs are warmer than prior runs in the E US especially on days 8-16, especially toward the end of the runs. But sometimes that can be due to other factors like lots of profit-taking after a huge runup that had actually occurred through yesterday. Also, yesterday had a weekly inventory report, which could have been bearish.

 The latest GEFS/EE are still pretty solidly cold dominated through day 16/15 in the E US with E US troughing. Now are the runs not as cold as yesterday’s while still quite cold? Thats quite possible per my eyeballing some 2M temperature change maps. If that’s true after the huge runup in NG to 13 month highs yesterday, that could easily be all it took for lots of profit-taking, especially if inventory is on the relative high side.