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BREAKING: Natural Gas Storage increases more than expected; NATGAS ticks higher 📌

3:41 PM 19 September 2024
  • Increase in Gas Inventories: +58 Bcf (Expected: 54 Bcf; Previous: 40 Bcf)

Inventories are growing slightly above expectations, though the growth rate is below the 5-year average. There is a strong possibility that inventories will fall below the 5-year average before the heating season begins. Source: EIA

Gas prices initially dropped in response but bounced back from the key support level of $2.5/MMBTU. It’s important to note that we are one day after the contract rollover, with the price opening around $2.6 after previously trading at $2.3 in the October contract. Source: xStation5

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