By FXEmpire.com
Analysis and Recommendations:
Natural Gas is up at 2.3221. Just a few weeks ago, we were predicting that NG would find a seasonal bottom at the 2.32 range and maintain there. It was not until there was the unexpected fall in price due to high inventory caused by unseasonably warm weather did things change. Perhaps NG has found a resting place.
Nymex natural gas prices surged more than 12 percent in the last week on the back of less than expected rise in US natural gas inventories coupled with expectations of reduction in gas supplies.
However, a stronger dollar index prevented further upside in prices of the commodity. Gas prices touched a high of $ 2.385 /mmbtu during the week and closed at $ 2.283/mmbtu on Friday
Economic Releases May 7, 2012 actual v. forecast
|
AUD |
Building Approvals (MoM) |
7.4% |
3.1% |
-8.8% |
|
AUD |
NAB Business Confidence |
4 |
3 |
|
|
AUD |
Retail Sales (MoM) |
0.9% |
0.2% |
0.3% |
|
CHF |
Unemployment Rate |
3.1% |
3.1% |
3.0% |
|
CHF |
CPI (MoM) |
0.1% |
0.2% |
0.6% |
|
EUR |
German Factory Orders (MoM) |
2.2% |
0.5% |
0.6% |
|
Building Permits (MoM) |
4.7% |
-1.5% |
7.6% |
Economic Events for May 8, 2012
00:01 GBP RICS House Price Balance -10% -10%
02:30 AUD Trade Balance -1.40B -0.48B
06:45 CHF GDP 0.1%
06:45 CHF SECO Consumer Climate -18 -19
13:15 CAD Housing Starts 202K 216K
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 to read Natural Gas Technical Analysis.
Originally posted here
