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NATGAS slightly higher after EIA report

3:59 PM 11 May 2023

Gas inventories are up 78 bcf, in line with market expectations (previous increase of 54 bcf). The increase is in line with the 5-year average, showing that demand has not fallen sharply and that higher exports are offsetting high supply. 

No surprise from the gas inventories data. Gas bounces back after the reading and heads to resistance at $2.23/MMBTU. Source: EIA

Gas tries on a test of the 2.23 level after the release of inventories, which fell in line with the 5-year average. Source: xStation5

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