By FXEmpire.com
Analysis and Recommendations:
Natural Gas fell 0.080 to trade at 2.538 as investors enjoyed a bit of profit taking.
Today’s inventory reports stated:
Working gas in storage was 2,667 Bcf as of Friday, May 11, 2012, according to EIA estimates. This represents a net increase of 61 Bcf from the previous week. Stocks were 774 Bcf higher than last year at this time and 773 Bcf above the 5-year average of 1,894 Bcf. In the East Region, stocks were 393 Bcf above the 5-year average following net injections of 47 Bcf. Stocks in the Producing Region were 282 Bcf above the 5-year average of 763 Bcf after a net injection of 7 Bcf. Stocks in the West Region were 98 Bcf above the 5-year average after a net addition of 7 Bcf. At 2,667 Bcf, total working gas is above the 5-year historical range.
Although the inventory still remained high, it was better then what was expected and markets took it as an overall neutral affect.
With predictions of a warmer than average spring and an early summer, demand is expected to increase driving the price of natural gas upwards.
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 17, 2012 actual v. forecast
|
May 17 |
JPY |
GDP (QoQ) |
1.0% |
0.9% |
-0.2% |
|
JPY |
GDP Price Index (YoY) |
-1.2% |
-1.4% |
-1.8% |
|
|
JPY |
Industrial Production (MoM) |
1.3% |
1.1% |
1.0% |
|
|
Foreign Securities Purchases |
-2.08B |
9.34B |
12.54B |
||
|
USD |
Initial Jobless Claims |
370K |
365K |
370K |
|
|
CAD |
Wholesale Sales (MoM) |
0.4% |
0.4% |
1.5% |
|
|
USD |
Continuing Jobless Claims |
3265K |
3235K |
3247K |
|
|
USD |
Philadelphia Fed Manufacturing Index |
-5.8 |
10.0 |
8.5 |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
The calendar for the end of the week is very thin. There should be little eco data that will affect the markets.
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 for further Natural Gas Forecast.
Originally posted here
