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Analysis and Recommendations:
Natural Gas continued to decline today, trading at 2.10. Natural-gas futures added to losses Thursday after a weekly government report showed higher-than-expected supplies for the week ended March 30. Natural gas declined 5cents, or 1.4%, to trade at $2.10 per million British thermal units. It had traded at $2.14 before the data. The Energy Information Administration reported an increase of 42 billion cubic feet in supplies of the product, compared to analyst expectations of an increase between 33 to 37 bcf.
Natural Gas has now found the bottom, and should sit in the 2.10 – 2.12 range for quite some time, much lower than previously forecast. This keeps NG at a 10 year low.
Economic Events: (GMT)
- 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)