NATGAS price continues sell-off as inventories stay above 5-year average

4:59 PM 13 July 2023

EIA Natural Gas Change BCF: Actual 49B (Forecast 50B, Previous 72B). Inventories still rise and stay significantly above the 5-year average which may be a stopper for investors that would follow a seasonal pattern that indicates an upward trend at leat to mid-August. 

Gas inventories are significantly above 5-year average. Source: EIA

NATGAS continues its sell-off, the second day in a row. The nearest support is located close to 2.5 USD/MMBTU which is also near the lower limit of upward trend channel. It is important to notice that the price decreases despite seasonality which indicates upward trend at least to mid-August. Source: xStation5

Share:
Back

Join over 1 600 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits