Natural Gas Hits 20-month Highs Heading Into Final Day of Trading (UNG)
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Natural gas priced climbed Thursday following the release of EIA storage data that showed stockpiles grew 31 bcf compared to an expected gain of 38 bcf. This was enough to send the commodity to 20-month highs at $4.40 per million btu. A declined in nuclear-power production, which slumped to its lowest level in 5-months, also helped boost sentiment.
The rally has natural gas near the critical $4.50 level, which could create modest overhead resistance, although many traders predict the commodity will continue to test highs in the near term, as total inventor remains at a 30 percent shortfall compared to last year's glut.
As always, traders will be watching weather forecasts for clues about heating demand. According to MDA Weather Services, weather in the central U.S. will be colder-than-normal though April 27.
United States Natural Gas ETF (NYSE: UNG) gained 5 percent on Thursday.
The rally has natural gas near the critical $4.50 level, which could create modest overhead resistance, although many traders predict the commodity will continue to test highs in the near term, as total inventor remains at a 30 percent shortfall compared to last year's glut.
As always, traders will be watching weather forecasts for clues about heating demand. According to MDA Weather Services, weather in the central U.S. will be colder-than-normal though April 27.
United States Natural Gas ETF (NYSE: UNG) gained 5 percent on Thursday.
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