U.S.-based natural gas contracts are losing more than 6% today after weekly EIA data indicated a larger build in crude inventories than expected. The weekly change was +35 bcf versus an expected +25 bcf and an earlier reading of -6 bcf.
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Create account Try a demo Download mobile app Download mobile appWhat's more, the latest data indicate that overall gas/electricity demand in the United States has declined, further accentuating the overall high level of total crude inventories, thus subjecting NATGAS to downward pressure. Source: XTB
NATGAS failed to break above the resistance zone set by the 50- and 100-day exponential moving averages (blue and purple curves on the chart, respectively). The declines seen today are pushing commodity prices to their lowest levels in two weeks Source: xStation
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