NATGAS Dips Below $2.20 After EIA Report
US Energy Information Administration (EIA) released a weekly report on natural gas inventories today at 3:30 pm BST. Report was expected to show a 69 billion cubic feet increase in US stockpiles. However, actual report showed an even bigger build of 75 billion cubic feet. This is a second inventory build in a row and highlights that US heating season is over already.
NATGAS dropped below $2.20 mark following bigger-than-expected build in US inventories and is now testing $2.17 support zone marked with previous price reaction and 200-hour moving average (purple line). Source: xStation5