Natural Gas has been on a tear
Natural Gas has been buoyed by the cold weather hitting the South and the Northeast of the US while stockpiles had been low. Cold conditions are now expected to continue throughout November, so this fuelled the upward move in Natural Gas.
Natural Gas eventually sold off yesterday after there was a surprise build in inventories as they rose by 39bcf as opposed to the 33bcf expected. See here for yesterday's release.
The 1 hour chart below shows the 200EMA proving good support for Natural Gas. Expect the 100 and 200 EMA to keep providing support for now as East Coast temperatures are expected to remain below normal until November 25.
Meanwhile the Stockpiles are 16% below their 5 year average and 14% below the previous years.
