Welcome to Extreme Investor Network, where we provide unique and valuable insights into the world of trading, stocks, and Wall Street. Today, we are diving into the recent movements in the natural gas markets following the release of the EIA report.
Despite initial pressure, prices are attempting to bounce back from session lows. The natural gas storage build reported exceeded analyst expectations, raising concerns about a potential bearish impact on the market. However, it’s worth noting that the market may have already priced in this disappointment, given the recent downward trend in prices.
Adding to the mix is the uninspiring weather forecast, with mild weather expected to dampen demand in the coming days. From a technical perspective, natural gas is testing support at $2.25 – $2.30. A successful break below this level could trigger further downside momentum, potentially pushing prices towards the next support zone at $2.00 – $2.05.
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