• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 3 hours U.S. Shale Oil Debt: Deep the Denial
  • 4 hours Satellite Moons to Replace Streetlamps?!
  • 2 days EU to Splash Billions on Battery Factories
  • 20 hours The Dirt on Clean Electric Cars
  • 17 hours Owning stocks long-term low risk?
  • 7 hours Why I Think Natural Gas is the Logical Future of Energy
  • 3 days US top CEO's are spending their own money on the midterm elections
  • 4 hours Can “Renewables” Dent the World’s need for Electricity?
  • 2 days The Balkans Are Coming Apart at the Seams Again
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 3 days A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 1 day The end of "King Coal" in the Wales
  • 6 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Why Natural Gas Prices Have Hit The Wall

Pipeline

July natural gas futures mounted a slight recovery on Thursday after the release of the weekly U.S. Energy Information Administration’s weekly storage report, however, the buying wasn’t strong enough to turn the market higher for the week. This suggests the reaction may have been fueled by short-covering.

According to the EIA, natural gas supplies in storage in the U.S. rose more than expected last week. The EIA said in its weekly report that natural gas storage in the U.S. rose by 68 billion cubic feet for the week-ended May 12. Traders were looking for a build of 61 billion Bcf.

In comparison, last week’s report showed a build of 45 Bcf for the week-ended May 5. A year ago, the increase was 73 Bcf and the five-year average is a rise of 87 Bcf.

The EIA also said that total natural gas in storage currently stands at 2.369 trillion cubic feet, 13.6% lower than levels at this time a year ago, but 10.8% above the five-year average for this time of year.

Weekly July Natural Gas Forecast

With the storage report out of the way, investors are going to go back to focusing on limited production, rising exports and the weather models.

The limited production and rising exports are going to continue to be long-term supportive. This should underpin the market on dips.

A change in the weather forecast earlier this week is the catalyst behind this week’s selling pressure. According to the latest weather models, most of the…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News