Energy Information Administration (EIA) released data on the change in US natural gas inventories. Report was expected to show a 20 billion cubic feet drop, following a 47 bcf draw in the previous week. However, the actual report showed a drop of 23 billion cubic feet. This was the smallest inventory draw since early-December 2022. It was also in-line with seasonal patterns for this period of the year.
Natural gas deepened decline following the release and now trades around 2.3% lower on the day. NATGAS dropped below a short-term $2.11 support zone and continued to move lower. However, it should be said that warmer US weather forecasts are playing a leading role in recent downward move on the natural gas market.
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NATGAS at H1 interval. Source: xStation5
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