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NATGAS drops 6% after higher EIA storage data ๐Ÿ“‰

3:51 PM 22 August 2024

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.ย 

What'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.ย ย 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 ย Source: xStation

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