Natural Gas Price Analysis for September 8, 2017

Natural gas prices were nearly unchanged and continued to trade in a relatively tight range. Prices closed on the 10-day moving average, and have been either side of this target for the past two weeks.  Support is seen near the August lows at 2.80, while resistance is seen near the September highs near 3.10.  Inventories were in line with expectations, which barely altered price action. All eyes are on Hurricane Irma and Hurricane Jose.

Inventories Were in Line with Expectations

The EIA reported that working gas in storage was 3,220 Bcf as of Friday, September 1, 2017. This represents a net increase of 65 Bcf from the previous week, which was in line with expectations. Stocks were 212 Bcf less than last year at this time and 15 Bcf above the five-year average of 3,205 Bcf. At 3,220 Bcf, total working gas is within the five-year historical range.