MTECHTIPS;-Natural Gas Price Fundamental Daily Forecast – Looking for Move into $2.865 to $2.833 MTECHTIPS-Natural gas futures are trading lower early Monday. The price action suggests long speculators may be finally taking profits in response to record production levels and average temperature forecasts. At 0821 GMT, October Natural Gas futures are trading $2.909, down $0.040 or -1.36%. According to the U.S. Energy Information Administration (EIA), U.S. natural gas in storage increased by 33 Bcf to 2.387 Tcf during the week-ended August 10. The build was slightly more than the consensus estimate for a 30 Bcf addition. The injection fell well short of the 49 Bcf build reported during the corresponding week in 2017 and less than the five-year average addition of 56 Bcf, according to EIA data. Stocks were 687 Bcf, or 22% less than the year-ago level of 3.074 Tcf and 595 Bcf, or 20%, less than the 5-year average of 2.982 Tcf Current data from S&P Global Platts Analytics show that dry gas production has averaged 78.2 Bcf/d thus far this year, which is 6.2 Bcf/d greater than this time last year. Platts went on to further say that it projects dry gas production to average 81.7 Bcf/d for the next two weeks MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips WWW.MTECHTIPS.COM 07489294118-119
Published on Aug 20 2018 6:11PM, by MTECHTIPS in Commodity tips| Share This