Natural gas yesterday traded with the negative node and settled -3.73% down at 209.3, retreating from a ten-month high after the U.S. Energy Information Administration said natural gas inventories rose more-than-expected last week.
The US EIA said in its weekly report that natural gas storage in the U.S. in the week ended JULY 3 rose by 80bcf, after increasing by 83bcf in the preceding week. Supplies climbed by 98bcf in the same week a year earlier.
The five-year average change for the week is an increase of 96bcf. Total U.S. natural gas storage stood at 2.187bcf. Stocks were 255bcf less than last year at this time and 58bcf below the five-year average of 2.245 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 124bcf below the five-year average, following net injections of 49bcf. Stocks in the Producing Region were 121bcf above the five-year average of 817bcf, after a net injection of 18bcf.
For today's session market is looking to take support at 204, a break below could see a test of 198.8 and where as resistance is now likely to be seen at 219, a move above could see prices testing 228.8.
