NATGAS is gaining close to 1% this morning, and is bouncing slightly from the key support zone set by local low from late January 2023. On an intraday basis, the EIA's release of the change in US gas inventories may prove to be a key report for this market. At the moment, the quotes are oscillating near the $2/MMBTU zone.
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Open real account TRY DEMO Download mobile app Download mobile appDemand for gas in the US is falling, with data on available supply holding steady. The implied change in inventories for last week indicates a decline in stockpiles of just 2-3 bcf. Even an inventory gain is possible this week. Source: XTB Research
Updated weather forecasts for the United States indicate slightly warmer temperatures (especially in the key Midwest heating zone). Source: Bloomberg Financial LP
Seasonally, gas inventories are at relatively high levels all the time. Source: Bloomberg Financial LP
NATGAS is currently trading between support zones set by this week's local low and the psychological $2/MMBTU level, as well as resistance set by the local session peaks of January 25. Source: xStation
