By FXEmpire.com

Analysis and Recommendations:

Natural Gas tumbled on inventory supplies today. NG is currently trading down at 2.311.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended June 1 rose by 62 billion cubic feet, above market expectations for an increase of 56 billion cubic feet.

Inventories rose by 81 billion cubic feet in the same week a year earlier, while the five-year average change for the week is an increase of 99 billion cubic feet, according to U.S. Energy Department data.

Total U.S. natural gas storage stood at 2.877 trillion cubic feet as of last week. Stocks were 713 billion cubic feet higher than last year at this time and 687 billion cubic feet above the five-year average of 2.190 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 347 billion cubic feet above the five-year average, following a net injection of 38 billion cubic feet.

Stocks in the Producing Region were 249 billion cubic feet above the five-year average of 842 billion cubic feet, after a net injection of 11 billion cubic feet.

Investors were gambling that warmer weather, in the Midwest would have used of some of the excessive supply. Prices have returned to our earlier projected range. Since March we have been projecting the average range for Natural Gas will be between 2.32 and 2.36.

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.

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Originally posted here