📉NATGAS plunges after EIA report💥

3:50 PM June 23, 2022

Natural gas in the US fell nearly 6% as inventories rose more than expected

Working gas held in storage facilities in the United States increased by 74 billion cubic feet in the week ending June 17 compared to previous 92 bcf, while analysts expected an increase of 61 bcf. 

In addition, recent weather forecasts indicate that the temperatures are to drop slightly in the near future, which pushed the prices below major support which is marked with  50% Fibonacci retracement of the entire growth wave started at the end of last year. Nevertheless, the current increase in inventories is not sufficient to push the price towards the 5-year average. Bulls now need to defend  the $ 6.2  level.

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Gas prices continue to move lower. If current sentiment prevails, prices could fall as low as $ 5.00-6.00 level. Source: xStation5

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