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Natural Gas, WTI Oil, Brent Oil Forecasts – EIA Natural Gas Storage Build Of +70 Bcf Misses Estimates
On May 16, 2024, EIA released its Weekly Natural Gas Storage Report. The report indicated that working gas in storage increased by 70 Bcf from the previous week, compared to analyst consensus of +76 Bcf. At current levels, stocks are 421 Bcf higher than last year at this time and 620 Bcf above the five-year average. Natural gas prices gained ground after the release of the EIA report. The storage build fell short of analyst expectations, which may serve as an additional bullish catalyst for the market. Natural gas prices have been moving higher since early May. The significant oversupply remains an important catalyst ... (full story)
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- May 23, 2024 10:46am May 23, 2024 10:46am
- gbmahara
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- Posted: May 16, 2024 10:51am
- Submitted by:Category: High Impact Breaking NewsComments: 1 / Views: 3,363
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