By FXEmpire.com

Analysis and Recommendations:

Natural Gas lost 4 cents, to $2.33 per million British thermal units. The contract on Tuesday rallied 3.8% on follow-through buying after a Monday report showed reduced production in the in the US. As prices rose profit taking began to take place. This is the bottom price that was predicted earlier as winter was ending. There was a lot of news and background noise affecting the price, more like bears talking the price down below the low of March pushing lower and lower.

Now that the last of the winter is over, officially and unofficially, Thursday’s inventory should give us a better idea where we stand for the next few months.

Crude Oil has been dropping all day, after inventory reports showed more than expected surplus. Today’s EIA inventory showed, U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.8 million barrels from the previous week. At 375.9 million barrels, U.S. crude oil inventories are in the upper limit of the average range for this time of year. Total commercial petroleum inventories increased by 1.9 million barrels last week.

WEEKLY

Click here a current Natural Gas Chart.

Originally posted here