Natural Gas Inventory Report 5-08-08

Working gas in storage was 1,436 Bcf as of Friday, May 2, 2008, according to EIA estimates. This represents a net increase of 65 Bcf from the previous week. Stocks were 284 Bcf less than last year at this time and 11 Bcf below the 5-year average of 1,447 Bcf. In the East Region, stocks were 12 Bcf above the 5-year average following net injections of 38 Bcf. Stocks in the Producing Region were 8 Bcf above the 5-year average of 541 Bcf after a net injection of 18 Bcf. Stocks in the West Region were 32 Bcf below the 5-year average after a net addition of 9 Bcf. At 1,436 Bcf, total working gas is within the 5-year historical range.

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 prices were down a penny in Monday's trading and settled at $6.764 per 1,000 cubic feet.

Natural gas prices currently have a Williams %R reading of -87.28.

Williams %R readings of -80 to -100 are considered oversold conditions.

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

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

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