Natural gas prices continued to move higher on Thursday following an inline inventory report released by the Department of Energy. Prices surged up to resistance near a downward sloping trend line that comes in near 3.22. Support on natural gas is seen near the 10-day moving average at 3.03. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal.
Inventories Were in line with Expectations
Working gas in storage was 3,790 Bcf as of Friday, November 3, 2017, according to EIA estimates. This represents a net increase of 15 Bcf from the previous week. Stocks were 219 Bcf less than last year at this time and 71 Bcf below the five-year average of 3,861 Bcf. At 3,790 Bcf, total working gas is within the five-year historical range.
This article was originally posted on FX Empire
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