BREAKING: EIA gas storage above forecasts!

US, EIA natural gas storage. Actual: 103 bcf. Expected: 97 bcf. Previous: 77 bcf

This is the largest increase since last October

In the past 2 years, only 2 times has the increase exceeded 100 bcf!

Today's data results in a clear decline in gas prices. The change is out of the range of seasonality, although all the time it is worth remembering that it will not be possible to rebuild stocks to the 5-year average. Nevertheless, until the beginning of October, seasonality points to price consolidation, so it is not out of the question that today's breakout from the neckline may prove successful.

NATGAS drops on EIA report. Source: xStation 5