News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • The morning after the Fed has produced some robust moves in markets, with both stocks and bonds putting in a notable leap. Get your market update from @JStanleyFX here:
  • Gold trades back down to $1,750 as US real yields tick higher $XAUUSD #Gold
  • Canadian Dollar Price Forecast: USD/CAD Snaps Back to Key Support $USDCAD
  • RT @BrendanFaganFx: 77 counterparties take $1.352 trillion at Fed's fixed-rate reverse repo $USD $DXY
  • EUR/USD attempts to halt a five day decline as the Federal Reserve sticks to the sidelines. Get your market update from @DavidJSong here:
  • US Markit Composite PMI for September fell to 54.5 from 55.4, whereby the services and manufacturing figures fell to 54.4 and 60.5 respectively, both missing analyst estimates. Get your market update from @JMcQueenFX here:
  • S&P 500, Nasdaq Rally After the Fed; 10 Year Yield to Two-Month-Highs
  • #Bitcoin Outlook: $BTCUSD Bounce From 40K, Fake-out or Shake-out? -
  • While JPY gets clobbered, CHF decides to turn a blind eye to yields $CHF
  • The surprise 100 basis point cut from the Turkish central bank (to 18%) generated the expected pressure for $USDTRY. That said, I don't think it was the market that decided the momentum should die out at 8.8000 again...
Natural Gas: EIA Weekly Natural Gas Storage Report Preview

Natural Gas: EIA Weekly Natural Gas Storage Report Preview

Richard Snow, Analyst

Natural Gas Analysis:

  • EIA weekly natural gas storage figures estimated to reflect a further drop in storage
  • Lower storage figures often signal an increase in demand and may push prices higher despite overbought conditions
  • Technical landscape and key levels provided

EIA Weekly Natural Gas Storage Report Preview (23 December)

The US energy information agency (EIA) is set to release the weekly natural gas storage one day ahead of schedule to account for the holidays. Estimates suggest another negative change in storage (drawing on existing stock), suggesting an increase in demand for the commodity.

Forecast = -160 Bcf change.

Additionally, a recent update from the National Oceanic and Atmospheric Administration (NOAA) suggests that the south western regions of the US appear likely to experience colder than average temperatures over the Christmas/New Year crossover.

Economic release: EIA

DailyFX economic calendar showing EIA report

For all market-moving data releases and events see the DailyFX Economic Calendar

Previous EIA Report

The December 17 report for the week ending 11 December, reported a decline in underground storage of 122 billion cubic feet (bcf) but still remained above the 5-year average.

EIA Report (December 17):

December 17 EIA natural gas storage report

Source: EIA

Technical Landscape Ahead of EIA Storage Report

After reaching the swing high around 3406, nat gas has printed a series of lower lows and lower highs, consistent with a down trend. That is until yesterday when nat gas broke above the descending trendline and area of recent consolidation (yellow rectangle) where it remains - at the time of writing - although, at lower levels than yesterday.

Colder than average temperatures forecast for parts of the US and lower storage figures may present a bullish narrative for natural gas. Should this be the case, bulls may anticipate a short-term retracement towards trendline support before attempting a move higher. A move higher would see the first level of resistance at the 23.6% Fib (drawn from June low to the October high) at 2960. A much larger move would then bring into play the 3130 and 3406 levels.

Alternatively, should price fail to remain above the descending trendline, a move to the downside is possible. The stochastic oscillator currently places natural gas in overbought territory but has not yet crossed below the 80 level – which traders use to gauge a potential bearish move. Current support remains the descending trendline while a break below brings the 2380 and 61.8% Fib level (2240) into focus.

Daily Nat Gas Price Chart (Cash)

Natural gas daily price chart (cash)

Chart prepared by Richard Snow, IG

--- Written by Richard Snow for

Contact and follow Richard on Twitter: @RichardSnowFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.