Natural gas prices tumbled and then rebounded on Thursday as the Department of Energy released its natural gas inventory report which was broadly in line
Natural gas prices tumbled and then rebounded on Thursday as the Department of Energy released its natural gas inventory report which was broadly in line with expectations. Prices whipsawed lower hitting 2.77, but then bounced back to recover and upward sloping trend line that is seen as support near 2.82. Resistance is seen near the 10-day moving average at 2.91.
Inventories Rose in Line with Expectations
Working gas in storage was 3,646 Bcf as of Friday, October 13, 2017, according to EIA estimates. This represents a net increase of 51 Bcf from the previous week. Expectations were for a 50 Bcf increase. Stocks were 179 Bcf less than last year at this time and 35 Bcf below the five-year average of 3,681 Bcf. At 3,646 Bcf, total working gas is within the five-year historical range.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.
