The price of natural gas moved higher Thursday, up 16 cents or 5% to $3.45, as the latest inventory numbers showed a 90 billion cubic feet increase last week, which is less than analysts expected.
MarketWatch reports that some analysts surveyed by Platts “had projected a buildup as big as 106 billion cubic feet.”
The U.S. Energy Information Administration reports that working gas in storage was 2,886 Bcf as of July 10, and stocks were 589 Bcf higher than last year at this time and 454 Bcf above the five-year average of 2,432 Bcf.
On the Horizons BetaPro NYMEX Natural Gas Bull Plus ETF,TradeWins offered the following thoughts: “Go figure, at 70 Bcf we sell off (bearish) at 75 Bcf we sell off (bearish) and now at 90 Bcf we go up (bullish), and still cooler weather than normal and low industrial consumption in the near term. I guess it also has to be compared to NG price during each report period. I'm watching for a close above 3.50 (Aug. NG) before i am convinced this is bullish, must admit though it is looking that way[sic].”