Analysis and Recommendations:
Natural Gas is trading at 2.3140 having moved up from 2.2860. Natural Gas has been searching for a bottom, which should be around 2.32 and was holding waiting for the release of inventories as winter comes to an end. NG began to settle higher once inventories were released yesterday.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended March 9 fell by 64 billion cubic feet, after declining by 80 billion cubic feet in the preceding week.
Analysts had expected U.S. natural gas storage to drop by 58 billion cubic feet.
Inventories fell by 60 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 79 billion cubic feet, according to U.S. Energy Department data.
Economic Events: (GMT)
- Heating Oil & Propane Update (October-March) Heating Oil, Propane Residential and Wholesale Price DataRelease Schedule: Wednesday at 1:00 p.m. EST
- Weekly Coal ProductionRelease Schedule: Thursday by 5:00 p.m. EST
- Weekly NYMEX Coal FuturesRelease Schedule: Monday by 5:00 p.m. EST
- Natural Gas Weekly UpdateRelease Schedule: Thursday between 2:00 and 2:30 p.m. (Eastern Time)
- Weekly Natural Gas Storage ReportRelease Schedule: Thursday at 10:30 (Eastern Time) (schedule)
Natural Gas Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3