Natural gas prices whipsawed traders reversing Wednesday climb and slicing through support near the 20-day moving average at 2.82. The U.S. Energy
Natural gas prices whipsawed traders reversing Wednesday climb and slicing through support near the 20-day moving average at 2.82. The U.S. Energy Information Administration reported Thursday that U.S. natural gas stocks increased by 65 billion cubic feet for the week ending August 4. Analysts had expected a storage injection of 55 billion cubic feet. The five-year average for the week is an increase of around 48 billion cubic feet, and last year’s addition for the week totaled 79 billion cubic feet.
Prices are now back in a range capped by a downward sloping trend line at 1.85, and an upward sloping trend line near 2.73. Prices continue to consolidate forcing the RSI into the middle of the neutral range at 48.
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.