Thursday, April 6, 2017

Natural Gas Storage: The EIA Reported, It Was Bullish

We'll be back tomorrow with the supply/demand report. In the meantime here are the storage numbers from

U.S. natural gas extends gains after weekly storage data
U.S. natural gas futures edged higher on Thursday, extending gains after data showed that natural gas supplies in storage in the U.S. rose less than expected last week.

U.S. natural gas for May delivery tacked on 5.0 cents, or around 1.5%, to $3.316 per million British thermal units by 10:35AM ET (14:35GMT). Futures were at around $3.290 prior to the release of the supply data.

It settled lower on Wednesday after touching its strongest [since] January 27 at $3.347.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 2 billion cubic feet in the week ended March 31, compared to forecasts for a build of 7 billion.

That compared with a withdrawal of 43 billion cubic feet in the preceding week, a gain of 12 billion a year earlier and a five-year average drop of 13 billion cubic feet....MORE
Here's the 5-minute chart:

$3.3290 last, up 0.0630 (1.93%)

This week:
Chartology, Natural Gas--It's (currently) Good to Be Long
"U.S. Natural Gas Supply/Demand Scenarios for Injection Season"