EIA Reports Natural Gas Storage Increase of over 59 Billion Cubic Feet, Surpassing Expectations

Welcome to Extreme Investor Network, where we provide unique insights and analysis on the Stock Market, trading, and all things Wall Street. Today, we are taking a closer look at the recent movements in natural gas prices and what it means for traders.

Currently, stocks are 436 Bcf higher than last year and 642 Bcf above the five-year average. These high inventory levels are serving as a key bearish catalyst for natural gas markets. Despite this, natural gas prices are on the rise as traders react to the latest EIA report. The market is attempting to stabilize near recent lows, with many traders betting that the market has bottomed out.

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One of the factors driving this sentiment is the expectation of increased LNG exports, which could boost demand and support prices. However, in the near term, the market remains oversupplied, with demand for natural gas staying mostly low. Bulls are looking for positive changes in weather forecasts to provide sustainable momentum.

Although previously announced production cuts did not offer sufficient support to natural gas prices, technically, a move above the $2.00 level could give natural gas the opportunity to gain additional upside momentum in the near future.

For a comprehensive view of all today’s economic events, be sure to check out our economic calendar for the latest updates. Stay tuned to Extreme Investor Network for more unique insights and analysis on the Stock Market and trading strategies. Happy investing!

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