By FXEmpire.com
Analysis and Recommendations:
Natural Gas continued to climb, trading at 2.361 up 0.107. The EIA released its most current storage inventory report earlier today showing, that natural gas storage in the U.S. in the week ended April 27 rose by 28 billion cubic feet, compared to expectations for an increase of 31 billion cubic feet.
Working gas in storage was 2,576 Bcf as of Friday, April 27, 2012, according to EIA estimates. This represents a net increase of 28 Bcf from the previous week. Stocks were 840 Bcf higher than last year at this time and 857 Bcf above the 5-year average of 1,719 Bcf. In the East Region, stocks were 425 Bcf above the 5-year average following net injections of 20 Bcf. Stocks in the Producing Region were 325 Bcf above the 5-year average of 715 Bcf after a net withdrawal of 1 Bcf. Stocks in the West Region were 107 Bcf above the 5-year average after a net addition of 9 Bcf. At 2,576 Bcf, total working gas is above the 5-year historical range.
Investors took this better than forecast report, as positive news pushing the commodity upwards to trade the highest this month.
WEEKLY
- Natural Gas Weekly Update
Release Schedule: Thursday between 2:00 and 2:30 p.m. (Eastern Time) - Weekly Natural Gas Storage Report
Release Schedule: Thursday at 10:30 (Eastern Time) (schedule)
Click here to read Natural Gas Technical Analysis.
Originally posted here
