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Natural gas after prices after failing to clear above $2.85 resistance area, broken key support around $2.7/mmbtu. Natural gas is currently trading at $2.67/mmbtu.
- Today US Energy Information Administration (EIA) released weekly report which showed inventory rose by 91 billion cubic feet (Bcf). Stocks were 659 Bcf higher than last year at this time and 45 Bcf above the 5-year average of 2,623 Bcf.
As supply remains ample Natural gas is likely to move lower with this technical break.
Trade idea -
- Natural gas is currently trading at $2.67/ mmbtu.
- Short natural gas at current price and at resistance of $2.75.
- Initial target is at $2.57/mmbtu. Second target is at $2.45/mmbtu.
- Final target lies at $2.35/mmbtu.
- Stop loss for this trade is at $2.85 and $2.95/mmbtu.
