U.S. NATURAL GAS SUCCESSFULLY REBOUNDED FROM FIRM SUPPORT.
https://tradingview.sweetlogin.com/chart/NATURALGAS/jeJJbBNU-NATURAL-GAS-REACHED-THE-KEY-SUPPORT-LEVEL-WHERE-TO-GO-NEXT/
Yesterday the natural gas storage report came out higher than expected. U.S. natural gas inventories increased by 48 billion cubic feet last week to 3,123 Bcf, increasing the surplus over the five-year average to 195 Bcf from 171 Bcf the week before, the EIA reports. The storage increase was bigger than the 24 Bcf average for the week, and above the 36 Bcf estimate. However, the price rised on 2.35% afterwards, supported by increased volume, which indicates the strength of the level. The upward movement towards the 3.3000 level is highly expected.
Additionally, seasonals suggest us that current prices may become the lowest till the end of the year. Historically, since August the natural gas prices increase in anticipation of a new heating season and higher energy demand (pic2).
Yesterday the natural gas storage report came out higher than expected. U.S. natural gas inventories increased by 48 billion cubic feet last week to 3,123 Bcf, increasing the surplus over the five-year average to 195 Bcf from 171 Bcf the week before, the EIA reports. The storage increase was bigger than the 24 Bcf average for the week, and above the 36 Bcf estimate. However, the price rised on 2.35% afterwards, supported by increased volume, which indicates the strength of the level. The upward movement towards the 3.3000 level is highly expected.
Additionally, seasonals suggest us that current prices may become the lowest till the end of the year. Historically, since August the natural gas prices increase in anticipation of a new heating season and higher energy demand (pic2).
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Join me, I'll guide you to PROFITABLE TRADING💵!
Telegram Channel: t.me/forextradersliveofficial
Telegram Channel: t.me/forextradersliveofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.