FxWirePro: U.S. Natural gas inventory preview

Natural gas is currently trading at $3.08 per MMBtu.

Key factors at play in natural gas market –

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• Saudi led Gulf group has modified demands on Qatar to six broad principles.
• Speaking at Poland, US President Donald Trump said that the United States is planning to become an energy exporting country and called on Poland and other European nations to diversify its energy resources by taking advantage of the US energy boom.
• The US preparing to become major natural gas exporter to the United States.
• Qatar announced that it plans to increase output by 30 percent, which could be trouble for the US as Qatar is a low-cost producer.
• The United States remains the largest petroleum and natural gas producers in the world.
• Bearish outlook diminishing once again with bulls taking charge.

Now, for the inventory,

According to latest numbers, working gas in the underground storage remains at 2.945 trillion cubic feet. Stocks were 289 Billion cubic feet less than last year at this time and 172 Billion cubic feet above the five-year average. The chart from EIA shows the level of inventory. The second chart from investing.com shows weekly changes in inventory.

• Last week, the inventory increased by 57 billion cubic feet against an expectation of 59 billion cubic feet. Today 32 billion cubic feet increase expected.
• EIA will release the inventory report at 14:30 GMT.