Natural Gas Prices Poised To Test 200 Day Moving Average

Natural gas continued to trade higher on Monday after prices found support at the 50 day moving average.

April natural gas finished up 26.4 cents (2.9%) to close at $9.329 in trading on the NYMEX.

Natural gas prices are on the verge of a technical breakout and are at the highest levels since November 2007.

Natural Gas prices dipped below the 200 day moving average of $7.12, but remain above the 50 day moving average of $6.48

Natural gas prices rallied last week, closing above $7.

The next target is the August high of $7.34

Also note that Natural Gas prices are within 7 cents of the 200 day moving average of $7.18

Natural Gas Inventory Report 8-16-07

Working gas in storage was 2,903 Bcf as of Friday, August 10, 2007, according to EIA estimates. This represents a net increase of 21 Bcf from the previous week. Stocks were 108 Bcf higher than last year at this time and 371 Bcf above the 5-year average of 2,532 Bcf. In the East Region, stocks were 143 Bcf above the 5-year average following net injections of 29 Bcf. Stocks in the Producing Region were 170 Bcf above the 5-year average of 749 Bcf after a net withdrawal of 13 Bcf. Stocks in the West Region were 58 Bcf above the 5-year average after a net addition of 5 Bcf. At 2,903 Bcf, total working gas is above the 5-year historical range.

EIA Natural Gas Storage Data
Lower 48 (08/10/07): 2,903 Bcf
Lower 48 (08/03/07): 2,882 Bcf
Implied net change: 21 Bcf
Year ago stocks: 2,795 Bcf
5-year avg stocks: 2,532
% dif to 5-yr avg: 14.7 %

Natural Gas Technical Levels

Support: 6.328 and 5.906

Resistance: 6.958 and 7.210

Natural Gas Inventory Report 8-09-07

Working gas in storage was 2,882 Bcf as of Friday, August 3, 2007, according to EIA estimates. This represents a net increase of 42 Bcf from the previous week. Stocks were 117 Bcf higher than last year at this time and 407 Bcf above the 5-year average of 2,475 Bcf. In the East Region, stocks were 159 Bcf above the 5-year average following net injections of 33 Bcf. Stocks in the Producing Region were 190 Bcf above the 5-year average of 742 Bcf after a net injection of 4 Bcf. Stocks in the West Region were 58 Bcf above the 5-year average after a net addition of 5 Bcf. At 2,882 Bcf, total working gas is above the 5-year historical range.

Natural gas prices continued to slide on Tuesday, breaking technical support at the $6 level. August natural gas fell 2.9% to close at $5.863.

Natural gas prices are currently at a 10 month low.


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Natural gas prices slid further on Monday and are now testing critical support at the $6 level.

Natural Gas prices are currently consolidating near the lows set in January.

Natural Gas Inventory Report 7-12-07

Working gas in storage was 2,627 Bcf as of Friday, July 6, 2007, according to EIA estimates. This represents a net increase of 106 Bcf from the previous week. Stocks were 64 Bcf less than last year at this time and 374 Bcf above the 5-year average of 2,253 Bcf. In the East Region, stocks were 145 Bcf above the 5-year average following net injections of 70 Bcf. Stocks in the Producing Region were 175 Bcf above the 5-year average of 721 Bcf after a net injection of 29 Bcf. Stocks in the West Region were 54 Bcf above the 5-year average after a net addition of 7 Bcf. At 2,627 Bcf, total working gas is within the 5-year historical range.

Working gas in storage was 2,521 Bcf as of Friday, June 29, 2007, according to EIA estimates. This represents a net increase of 78 Bcf from the previous week. Stocks were 84 Bcf less than last year at this time and 364 Bcf above the 5-year average of 2,157 Bcf. In the East Region, stocks were 135 Bcf above the 5-year average following net injections of 54 Bcf. Stocks in the Producing Region were 170 Bcf above the 5-year average of 697 Bcf after a net injection of 14 Bcf. Stocks in the West Region were 59 Bcf above the 5-year average after a net addition of 10 Bcf. At 2,521 Bcf, total working gas is within the 5-year historical range.

Natural Gas prices rebounded slightly on Friday to close the week at $6.77

Natural Gas Inventory Report 6-28-07

Working gas in storage was 2,443 Bcf as of Friday, June 22, 2007, according to EIA estimates. This represents a net increase of 99 Bcf from the previous week. Stocks were 90 Bcf less than last year at this time and 372 Bcf above the 5-year average of 2,071 Bcf. In the East Region, stocks were 136 Bcf above the 5-year average following net injections of 67 Bcf. Stocks in the Producing Region were 176 Bcf above the 5-year average of 677 Bcf after a net injection of 21 Bcf. Stocks in the West Region were 59 Bcf above the 5-year average after a net addition of 11 Bcf. At 2,443 Bcf, total working gas is within the 5-year historical range.

Natural Gas prices continued to slide on Tuesday, trading down 4% to close at $6.88

Natural Gas prices fell further on Monday, trading down 5.54% to close at $6.94

Natural Gas prices retreated last week and now sit at $7.35, just above the 200 day moving average of $7.28.