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Bulls seems to have returned once again after they given up around $2.95/mmbtu area.
Two weeks back natural gas bulls tried to break free of $2.95 resistance but retreated when 5 daily attempts failed.
Now they seem to have taken support around $2.7/mmbtu and might be ready to push prices higher. Price target for bulls as we have been saying earlier remains around $3.5/mmbtu if support at $2.45 holds.
Prices are now moving higher ahead of report from US energy information administration (EIA), which will be released at 14:30 GMT.
Inventory injection has been lower than expected this year as more electricity producing companies have installed natural gas fuelled turbine scrapping their oil and coal turbine. Moreover high temperature has increased domestic consumption of electricity this year as air condition usage rises.
Last week inventory rose by 89 billion cubic feet and today it is expected lower at 77 billion cubic feet.
Natural gas is currently trading at $2.81/mmbtu. Support lies at $2.7 and $2.45. Resistance lies at $2.95 and $3.1
