By FXEmpire.com
Analysis and Recommendations:
Natural Gas continued to surprise markets by adding an additional 0.083 to trade at 2.583
Weekly inventory reports are due tomorrow and speculators are hoping that early injection estimates range from 52 billion cubic feet to 79 billion cubic feet, compared to last year’s build of 86 billion cubic feet. The five-year average change for the week is an increase of 91 billion cubic feet.
Four of the past five weekly inventory builds have come in below average, raising expectations that record supplies can be trimmed over the summer.
The weather forecast is calling for unseasonably warm weather across most parts of the U.S. in the coming week provided further support.
A warm spring or early summer will help drive demand as temperatures increase the need for gas-fired electricity to power air conditioning, boosts demands for natural gas. Natural gas accounts for about a 25% of U.S. electricity generation.
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 May 16, 2012 actual v. forecast
|
JPY |
Tertiary Industry Activity Index |
-0.6% |
-0.3% |
0.0% |
|
AUD |
Westpac Consumer Sentiment |
0.80% |
-1.60% |
|
|
AUD |
Wage Price Index (QoQ) |
0.9% |
0.8% |
1.0% |
|
GBP |
Average Earnings Index +Bonus |
0.6% |
1.0% |
1.1% |
|
GBP |
Claimant Count Change |
-13.7K |
5.0K |
-5.4K |
|
EUR |
CPI (YoY) |
2.6% |
2.6% |
2.6% |
|
EUR |
Core CPI (YoY) |
1.6% |
1.5% |
1.6% |
|
USD |
Building Permits |
0.715M |
0.730M |
0.769M |
|
USD |
Housing Starts |
0.717M |
0.680M |
0.699M |
|
Manufacturing Sales (MoM) |
1.90% |
1.00% |
-0.20% |
|
|
USD |
Industrial Production |
1.1% |
0.6% |
-0.6% |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
May 17 |
13:30 |
USD |
365K |
367K |
|
|
13:30 |
USD |
3235K |
3229K |
||
|
15:00 |
USD |
10.0 |
8.5 |
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 a current Natural Gas Chart.
Originally posted here
