NATGAS tests major support after EIA report

The US Energy Information Administration reported today that domestic supplies of natural gas de/increased by 111 billion cubic feet for the week ended October 14 from 125 bcf in the previous week, and well above analysts’ estimates of 105 billion cubic feet due to mild weather and an increase in wind power. It compares with an increase of 91 in the same week last year and a five-year (2017-2021) average increase of 73 bcf.

NATGAS price fell slighlty after EIA report and is testing support at $5.35, where lows from July 2022 are located. Source: xStation5

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