U.S. natural gas storage levels on average are expected to rise by 31 billion cubic feet when weekly data from the U.S. Energy Information Administration are released today. In the weekly Reuters survey of 31 industry traders and analysts, injection estimates for the week ended Aug. 13 ranged from 23 to 41 bcf.
Stocks rose an adjusted 54 bcf for the same week last year, while the five-year average gain for that week is 50 bcf.The median build in the survey was also 31 bcf.
Besides, Natural gas moved lower despite a U.S. government report that showed a smaller-than-expected build in natural gas inventories last week.
The U.S. Energy Information Administration reported that natural gas inventories increased by 27 billion cubic feet, which fell short of the consensus estimate for a build of 32 billion cubic feet. Natural Gas yesterday we have seen that market has moved -0.76%.
Market has opened at 197.8 & made a low of 193.6 versus the day high of 204.1. The total volume for the day was at 51504 lots and the open interest was at 18051.
Now support for the Natural Gas is seen at 191.6 and below could see a test of 187.3.
Resistance is now likely to be seen at 202.1, a move above could see prices testing 208.3.
Trading Ideas:
Natural Gas trading range is 187.3-208.3.
Natural gas fell despite smaller-than-expected inventory build
Natural gas looks to take resistance at 198.20 and support is at 192.60.
The U.S. EIA reported that natural gas inventories increased by 27 billion cubic feet.
Meanwhile, Bolivia's natural gas exports increased 7.5 percent to an average of 30.1 million cubic meters a day in the first half of 2010 from the same period last year, state-run energy company YPFB said on Thursday.
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