US Energy Information Administration (EIA) released a weekly report on natural gas inventories at 3:30 pm BST today. Analysts expected the report to show a 19 billion cubic feet build in inventories, slightly bigger than $16 billion reported in the previous week. However, actual data showed a build of just 14 billion cubic feet. This was the lowest reading since early-April when inventory draws were still regular due to seasonal reasons.
NATGAS jumped following the release and traded up to 1.5% higher compared to pre-release levels at one point. However, those gains were quickly erased and prices turned lower later on. Taking a look at the chart at H1 interval, we can see that bulls are failing to push the price above 50-period moving average (green line).
NATGAS at 1-hour interval. Source: xStation5
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