Natural-gas futures fell further on Thursday after the U.S. Energy Information Administration reported an 88 billion cubic foot rise in U.S. inventories for the week ended May 24. Analysts polled by Plats forecasted a climb between 87 billion cubic feet and 91 billion cubic feet. July natural gas NGN13 -2.43% was at $4.08 per million British thermal units, down 9 cents, or 2.3%. It was trading at $4.13 shortly before the data. Our regular readers know that our last target was 4.121 and 4.300.
Working gas in storage was 2,141 Bcf as of Friday, May 24, 2013, according to EIA estimates. This represents a net increase of 88 Bcf from the previous week. Stocks were 664 Bcf less than last year at this time and 88 Bcf below the five-year average of 2,229 Bcf. In the East Region, stocks were 110 Bcf below the five-year average following net injections of 53 Bcf. Stocks in the producing region were 25 Bcf below the five-year average of 876 Bcf after a net injection of 23 Bcf. Stocks in the West region were 47 Bcf above the five-year average after a net addition of 12 Bcf. At 2,141 Bcf, total working gas is within the five-year historical range. 
Natural gas was breaking its 50-day SMA (4.100), a negative sign for the short term. On monthly chart, U.S. Natural gas creates a rectangle triangle format in an up trend, indicating that its new bearish trend may start below 3.970. You can see more selling pressure at 3.933 and 3.900.
Monthly boom trend 60 Percentages “Bull Retrenchment” was completed around 4.066. The Natural gas upper Bollinger® band creates above 4.140 on the monthly candlestick. You can see more upside level at 4.190 and 4.233 if natural gas crosses its crucial resistance of 4.140 and closes on it.
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Natural Gas Hits Targets: What’s Next?
Published 05/30/2013, 01:36 PM
Updated 07/09/2023, 06:32 AM
Natural Gas Hits Targets: What’s Next?
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right sir. I was get good profit in your last call. Your both target achieved. Thank you very much.
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