Natural Gas News – April 25, 2024
Natural Gas News – April 25, 2024
Analysts Predict Significant Inventory Build
US natural gas futures remained steady early Thursday, following a significant decline in the previous session. This stability comes as the market anticipates the release of the U.S. Energy Information Administration’s (EIA) weekly storage report, expected to reveal a substantial increase in natural gas inventories. At 12:08 GMT, Natural Gas Futures are trading $1.656, up $0.003 or +0.18%. Wednesday’s trading session ended with natural gas prices falling
approximately 5%, driven by the dual pressures of an anticipated decrease in heating demand and the looming expiration of the May contract. Operational setbacks at the Freeport LNG terminal compounded the market’s struggles, although recent increases in gas flow to the facility suggest a slow recovery might be underway.
Analysts are predicting a notable increase… For more info go to https://tinyurl.com/7s9rnu4v
Trader Reaction to 50-Day Moving Average
U.S. natural gas futures faced a slight decline on Wednesday, following an unsuccessful attempt to breach the 50-day moving average during the previous session. This technical indicator has been a key resistance level, indicating a possible trigger for an upside breakout in the near future. At 11:50 GMT, natural gas futures are trading $1.807, down $0.005 or -0.28%. Natural gas prices showed resilience, bouncing back from initial losses earlier in the session.
This rebound was primarily fueled by an increase in U.S. LNG exports and significant pipeline maintenance activities, which led to lower gas production estimates. The increase in LNG exports is particularly noteworthy, suggesting a shift towards greater demand in the energy market. A recent report by Tudor Pickering Holt & Co.… For
more info go to https://tinyurl.com/49s38vdd
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The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.
