U.S. storage of natural gas has reached a new all-time high of 4 Tcf (trillion cubic feet) for the first time ever.
Today's EIA report showed a fairly rare second week of November injection of 15 Bcf (billion cubic feet) bringing total storage up to the 4,000 Bcf mark.
Weather forecasts turned milder which is the reason for today's late day weakness with the 6-10 day NWS forecast putting above-normal temperatures back into the eastern U.S.
On a technical note, as shown in a previous post earlier day, a bearish triangle pattern was triggered today with a breakout by the December contract under 2.320 support. The downside measuring objective is for the December contract to trade down to the 2.100 level. Expect an upside retest first of former triangle trend line support as resistance before a final price decline takes place.
Not much to get bullish about in the natural gas market right now outside of a 5-week drop in production. The EIA should be releasing a weekly production number later today which will be updated in a following post.
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