By FXEmpire.com
Analysis and Recommendations:
Natural Gas at this writing is up trading at 2.239 on estimates that the late winter storm would have used up the excess inventory.
The EIA supply report was just released showing:
Working gas in storage was 2,548 Bcf as of Friday, April 20, 2012, according to EIA estimates. This represents a net increase of 47 Bcf from the previous week. Stocks were 872 Bcf higher than last year at this time and 908 Bcf above the 5-year average of 1,640 Bcf. In the East Region, stocks were 450 Bcf above the 5-year average following net injections of 42 Bcf. Stocks in the Producing Region were 350 Bcf above the 5-year average of 691 Bcf after a net injection of 1 Bcf. Stocks in the West Region were 107 Bcf above the 5-year average after a net addition of 4 Bcf. At 2,548 Bcf, total working gas is above the 5-year historical range.
This should cause NG to begin dropping to the 2.00 price.
Economic Events: (GMT)
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)
Originally posted here
