Thursday, May 9, 2013

U.S. natgas futures reverse, edge up despite bearish EIAs

I'm getting too old for this, or at least: too old for manic-depressive algorithms. From FinViz, the 5-minute chart:



And now the childhood chant: "Somebody spoofed an algo, somebody spoofed an algo".
Okay, childish not childhood.
And from Reuters:

* Technical buying props up prices after early slide
    * Weather expected to moderate over the next two weeks
    * Coming Up: Baker Hughes rig data, CFTC trade data Friday 
U.S. natural gas futures edged
higher on Thursday, reversing course as technical buying pulled
prices out of an early slide that brought the front-month
contract to touch a five-week low after data showed swelling
inventories.
 The U.S. Energy Information Administration said total
domestic gas inventories rose last week by 88 billion cubic feet
to 1.865 trillion cubic feet. The rise was above
the Reuters poll estimate of 83 bcf and well above the five-year
average increase for that week of 69 bcf.
 "The net injections to ... storage last week were at the
upper end of the consensus range and bearish compared with the
five-year average for the date," Citi Futures energy analyst Tim
Evans said in a report, adding he expected at least several more
weeks of above average builds as milder weather slowed demand.
...MUCH MORE

Here's the EIA storage report.