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Natural Gas Price Prediction – Support At $8.00 Stays Strong

From fxempire.com

Natural gas prices are trying to rebound after the release of the EIA Weekly Natural Gas Storage Report, which indicated that working gas in storage increased by 41 Bcf from the previous week. Analysts expected that working gas in storage would grow by 29 Bcf. At current levels, stocks are 337 Bcf below the five-year average for this time of the year. The weather forecast remains favorable for strong natural gas demand. At the same time, problems at Freeport LNG continue to impact the domestic market, leading to a higher-than-expected build in stocks. Meanwhile, the situation in Europe remains extremely tense, as ... (full story)

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  • Category: Technical Analysis