Instrument: NATGAS
Technical Analysis
Bullish Preference:
buy position is envisaged if the price trades above 2.566 with take profit at 2.597.
Bearish Preference:
sell position is envisaged if the price trades below 2.492 with take profit at 2.461.
Fundamentals:
None with High Impact
Comment:
Natural gas had its biggest weekly rally in three months — 14% — on the back of what some sensed as improving fundamentals for the fuel, despite a supply glut. U.S. natural gas storage rose by 99 billion cubic feet, or bcf, last week, the Energy Information Administration, or EIA, said Thursday, announcing a smaller-than-expected build that bolstered sentiment in a market that needs to see fewer stockpile increases and more demand. “The market expected a 108-109 bcf injection, and immediately following the release [of the data, the] prompt price rallied,” Gelber & Associates, a Houston-based advisory for energy markets, said in a note. The build in gas inventories for the week ended May 12 compares with the 78-bcf increase from the previous week.
Analysis: GBPUSD