By FXEmpire.com
Analysis and Recommendations:
Natural Gas was the big surprise in today’s session adding on a few cents to trade at 2.362 continuing its surprising rise from 10 year lows, trading under 2.00. NG has mounted a comeback to trade at the earlier projected bottom for the season.
Reports that showed, that utility providers in the U.S. were switching from more expensive coal to cheaper natural gas provided further support recently. U.S. power companies used 34% more gas in February than a year earlier, Energy Department data showed.
The main factor here will be a downside correction in the near-term as traders remain concerned over elevated U.S. storage levels. Keep a close eye out for this week’s inventory this will tell the story.
Eco Data for May 8, 2012, a very thin day
|
GBP |
RICS House Price Balance |
-19% |
-10% |
-10% |
|
AUD |
Trade Balance |
-1.59B |
-1.40B |
-0.75B |
|
Housing Starts |
245K |
204K |
215K |
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 updated Natural Gas News.
Originally posted here
