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Natural gas settled at $2.32 per mmBtu on October 24 after rising 1.5%. The EIA reported a 87 bcf inventory injection for the week ended October 18, 1 bcf below a Reuters poll estimate.
The inventory surplus versus the five-year average widened to 0.8%.
A widening storage surplus and a decline in heating degree days are bearish signals for gas prices. Further large injections would expand the surplus and weigh on prices.
marketrealist.comRabindra SamantaOct 25, 2019After 62 past bearish report events, Natural Gas moved a median -3.0% over 5 sessions (42% higher; middle half -7.6% to +4.6%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
