EIA Natural Gas Change (cubic feet):
- Actual -93 bn
- Forecast -98 bn
- Previous -125 bn
The NATGAS contract hit the 30-day EMA (light purple) following the lower than expected change. The reading came in significatly lower that a five-year everage for the week (-127 BCF), thus forcing the commodity to further give up its most recent gains. The temperature outlook for the upcoming week remians elevated realtive to the past years averages.
Source: xStation5
Source: NOAA
Market wrap: Oil gains amid US - Iran tensions 📈 European indices muted before US NFP report
📈 Gold jumps 1.5% ahead of NFP, hitting its highest level since Jan. 30
Silver rallies 3% 📈 A return of bullish momentum in precious metals?
Daily summary: Weak US data drags markets down, precious metals under pressure again!