BREAKING: NATGAS tests $2.50 area after EIA data

3:32 PM 16 May 2024

US Energy Information Administration (EIA) issued an official weekly report on US natural gas inventories today at 3:30 pm BST. Report was expected to show a 76 billion cubic feet build in US gas inventories, what would be a build in-line with 5-year averages.

Actual data showed a 70 billion cubic feet build, slightly smaller than expected and near 5-year low for the period. NATGAS extended gains following the release and is now testing the $2.50 resistance zone.

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Source: xStation5

Reported inventory build was near a 5-year low for the current period of the year. Source: Bloomberg Finance LP, XTB Research

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