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Natural Gas Fundamental Analysis December 24, 2012 Forecast
By:
Analysis and Recommendations: Natural Gas edged back up today to trade at 3.497 adding 35pips. Yesterday’s weekly EIA inventory report showed a larger
Analysis and Recommendations:
Natural Gas edged back up today to trade at 3.497 adding 35pips. Yesterday’s weekly EIA inventory report showed a larger than expected decline in inventory helping to support an increase in prices of Natural Gas, while a change in the weather pattern showed cold temperatures moving in over the holiday week which will likely increase residential use, propping up prices as Natural Gas as been steadily declining.
Working natural gas in storage rose last week to 3,724 Bcf as of Friday, December 14, according to EIA’s Weekly Natural Gas Storage Report (WNGSR). An implied storage withdrawal of 82 Bcf for the week moved storage levels 66 Bcf above year-ago levels, and 345 Bcf above the 5-year range.
The Baker Hughes Incorporated natural gas rotary rig count stayed essentially flat, falling from 417 to 416 active rigs as of Friday, December 14. The oil-directed active rig count also decreased by a single unit, from 1,382 to 1,381
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.
Economic Data December 21, 2012 actual v. forecast
|
Date |
|
Currency |
|
|
Event |
Actual |
|
Forecast |
|
Previous |
|
|
|
Dec. 21 |
|
JPY |
|
|
BoJ Monthly Report |
|
|
|
|
|
|
|
|
|
|
EUR |
|
|
GfK German Consumer Climate |
5.6 |
|
5.9 |
|
5.8 |
||
|
|
|
HUF |
|
|
Hungarian Retail Sales (YoY) |
-3.70% |
|
-2.60% |
|
-3.10% |
|
|
|
|
|
PLN |
|
|
Polish Unemployment Rate |
12.90% |
|
12.80% |
|
12.50% |
|
|
|
|
|
GBP |
|
|
Business Investment (QoQ) |
3.8% |
|
3.5% |
|
3.7% |
|
|
|
|
|
GBP |
|
|
Current Account |
-12.8B |
|
-14.0B |
|
-17.4B |
||
|
|
|
GBP |
|
|
GDP (QoQ) |
0.9% |
|
1.0% |
|
1.0% |
|
|
|
|
|
GBP |
|
|
GDP (YoY) |
0.0% |
|
-0.1% |
|
-0.1% |
|
|
|
|
|
BRL |
|
|
Brazilian Unemployment Rate |
4.9% |
|
5.1% |
|
5.3% |
|
|
|
|
|
CAD |
|
|
Core CPI (MoM) |
0.0% |
|
0.1% |
|
0.3% |
|
|
|
|
|
USD |
|
|
Core Durable Goods Orders |
1.6% |
|
-0.2% |
|
1.9% |
||
|
|
|
USD |
|
|
Core PCE Price Index (MoM) |
0.0% |
|
0.1% |
|
0.1% |
|
|
|
|
|
CAD |
|
|
CPI (MoM) |
-0.2% |
|
-0.1% |
|
0.2% |
|
|
|
|
|
USD |
|
|
Durable Goods Orders (MoM) |
0.7% |
|
0.2% |
|
1.1% |
||
|
|
|
CAD |
|
|
GDP (MoM) |
0.1% |
|
0.1% |
|
0.0% |
|
|
|
|
|
USD |
|
|
Personal Spending (MoM) |
0.4% |
|
0.3% |
|
-0.1% |
||
|
|
|
CAD |
|
|
CPI (YoY) |
0.8% |
|
1.0% |
|
1.2% |
WEEKLY
-
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)
Upcoming Economic Events that affect the CHF, EUR, GBP CAD and USD
There are no eco events on the calendar for Monday, December 24 and markets will be closed on Tuesday December 25th. Traders and politicians are expected to be out of their offices for the season with low volume and low volatility. The only global issue is the US fiscal deadline. I would like to wish all of my readers a safe and healthy holiday season and all the best in the new year.
Government Bond Auction
Date Time Country
Dec 21 16:30 Italy
Dec 26 01:30 Japan
Dec 27 10:10 Italy
Dec 28 10:10 Italy
About the Author
Barry Normanauthor
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