Thursday, July 16, 2020

Natural Gas Storage Report July 16: Turnaround Thursday

I know it's supposed to be turnaround Tuesday but the report is iisued on Thursdays and today the futures dropped and popped (a little).
FX Empire had no estimates going into the report, so on to the EIA:
Working gas in storage was 3,178 Bcf as of Friday, July 10, 2020, according to EIA estimates. This represents a net increase of 45 Bcf from the previous week. Stocks were 663 Bcf higher than last year at this time and 436 Bcf above the five-year average of 2,742 Bcf. At 3,178 Bcf, total working gas is within the five-year historical range.  
And the price action (30-minute bars, 1 week):
https://www.tradingview.com/x/nDH1RdFK/

That low over on the right was at 1.703 with a rebound to the current 1.726, down 0.052.