Natural-gas moved higher on Friday following a report from the Department of Energy on inventories. The report was delayed one day due to the Veterans Day
Natural-gas moved higher on Friday following a report from the Department of Energy on inventories. The report was delayed one day due to the Veterans Day holiday in the United States. According to the U.S. Energy Information Administration natural gas supplies rose by 49 billion cubic feet for the week ended November. 6. Analysts had expected stocks to climb by 53 billion cubic feet. Although stocks are still above the 5-year average, prices are nearly 35% the same period one year ago.
Natural gas pushed higher running into resistance near the 20-day moving average at 2.38. Support is seen near the October lows at 2.20 per mmbtu. Momentum on natural gas prices has turned positive as the MACD (moving average convergence divergence) index recently generated a buy signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crossed above the 9-day moving average of the spread.
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.