Natural Gas Fundamental Analysis February 20, 2012, Forecast
Economic Events: (GMT)
US Markets are closed for the Presidents Day Holiday
WEEKLY
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Analysis and Recommendations:
Natural Gas skyrocketed today, moving up to 2.732 and then settled at 2.700 up 13.4 by late Friday afternoon. The EIA stated natural gas storage in the U.S. in the week ended February 10 fell by 127 billion cubic feet, after declining by 78 billion cubic feet in the preceding week.
Analysts had expected U.S. natural gas storage to drop by 126 billion cubic feet.
Inventories fell by 230 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 178 billion cubic feet, according to U.S. Energy Department data.
This is the only news that has been effecting NG, combined with news a while back regarding Chesapeake Energy, there is not obvious signal as to what is pushing the prices.
Originally posted here
