The limited price action suggests short-covering is taking place as buyers attempt to absorb the huge discount that was posted ahead of the storm last Thursday and Friday. Meanwhile Tropical system Florence will bring areas of showers to the Northeast today, then exiting.
MCX Natural Tips – NG Under Fresh Buying, Strong Support @ 203 – Neal Bhai
NATURAL GAS BOLE BOOM BOOM – BOOM BOOM
Natural gas markets rallied significantly during the day on Tuesday, gaining over 2% as we broke above the $2.87 level. At this point, it looks as if we are trying to fill the massive gap above at the $2.90 level again.
There are few disturbances that could threaten infrastructure in the Gulf of Mexico, which has taken some of the wind out of prices. Demand continues to remain subdued despite a tick up in residential demand due to warm weather that is forecast to cover most of the United States for the next 2-weeks.
The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas rose by 48 billion cubic feet for the week ended August 17.
Gold Silver Reports – Natural gas prices attempted to bounce, but were rejected after breaking down on Thursday in the wage of an unexpected draw in natural gas inventories reported by the Energy Information Administration.
Gold Silver Reports – Natural Gas Price Report Analysis for October 10, 2017- Natural gas prices continue to decline on Monday, after dropping through trend line support on Friday. Prices were unable to gain traction, as warmer than normal weather is expected to cover most of the United States over the next 8-14 days, which will substantially reduce cooling demand in the beginning of the fall.