By FXEmpire.com
Analysis and Recommendations:
Natural Gas dipped a bit in today’s session to trade at 2.942 down 0.031 as investors positioned themselves before today’s inventory results.
Working gas in storage was 3,163 Bcf as of Friday, July 13, 2012, according to EIA estimates. This represents a net increase of 28 Bcf from the previous week. Stocks were 509 Bcf higher than last year at this time and 470 Bcf above the 5-year average of 2,693 Bcf. In the East Region, stocks were 198 Bcf above the 5-year average following net injections of 23 Bcf. Stocks in the Producing Region were 186 Bcf above the 5-year average of 934 Bcf after a net injection of 1 Bcf. Stocks in the West Region were 86 Bcf above the 5-year average after a net addition of 4 Bcf. At 3,163 Bcf, total working gas is above the 5-year historical range.
Inventory increased disappointing speculators and are weakening prices. Market should begin to drop. The 2.78 resistance point will be key in this afternoons decline. Although prices seem to be since the release. In fact quite the opposite, natural gas has broken the 3.00 price trading at this writing at 3.0113
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.
Economic Data July 19, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jul. 19 |
AUD |
NAB Quarterly Business Confidence |
-2.00 |
-1.00 |
|
|
GBP |
Retail Sales (MoM) |
0.1% |
0.6% |
1.5% |
|
|
GBP |
Retail Sales (YoY) |
1.6% |
2.4% |
2.1% |
|
|
USD |
Initial Jobless Claims |
386K |
365K |
352K |
|
|
Wholesale Sales (MoM) |
0.9% |
0.2% |
1.2% |
||
|
USD |
Continuing Jobless Claims |
3314K |
3299K |
3313K |
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)
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Jul 20 |
6:00 |
EUR |
-0.3% |
|
|
8:30 |
GBP |
15.6B |
Government Bond Auctions
Date Time Country
Jul 23- n/a UK
Jul 23 09:30 Germany
Jul 24 08:30 Netherlands
Jul 24 08:30 Spain
Jul 24 15:30 Italy
Jul 24 17:00 US
Jul 25 09:30 Germany
Jul 25 15:30 Italy
Jul 25 17:00 US
Jul 26 00:30 Japan
Jul 26 09:10 Italy
Jul 27 09:10 Italy
Jul 27 17:00 US
Click here for further Natural Gas Forecast.
Originally posted here
