By FXEmpire.com
Analysis and Recommendations:
Natural Gas is the talk of the town today, soaring up to trade at 2.331 well off the bottom of 1.92 last month. The continued cold in the northeast was a supporting factor as speculators are hoping that the late cold front used some of the excess capacity, reducing inventories in storage.
Also an industry report released today, showed that a major portion of new wells have been abandoned for the time being and that some of the existing wells have had production terminated as the cost of production is higher than the market costs. This does not affect current supply but could affect future availability. Many producers are hoping that the new programs initiated by Obama will help develop ways of shipping and exporting gas, while Chesapeake Energy has established a new program to find new uses for natural gas to increase demand.
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 for further Natural Gas Forecast.
Originally posted here
