NATGAS surges despite upbeat EIA report

At 2:30 p.m. GMT, the EIA report on US natural gas stocks was released. Working gas held in storage facilities decreased by 51 billion cubic feet (Bcf) in the week ending March 18, less than market expectations of a 56 Bcf draw and moderating further after a 79 Bcf decrease in the previous week, as utilities near the storage refilling season. Despite a smaller-than-expected decline, NATGAS price moved higher and currently trades 3.0% higher.

NATGAS price initially fell after the EIA report release, however buyers managed to halt declines around the major resistance zone at $5.10 and the price resumed upward move. Next resistance to watch lies at $5.50. Source: xStation5