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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/H19vRDCpUJ https://t.co/S74APOiQ3y
  • Two of the main Euro-pairs, $EURUSD and $EURGBP, are being driven by very different drivers. Get your market update from @nickcawley1 here: https://t.co/Vd32Y6HKEr https://t.co/Lgb5z5V1Xa
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/9uPXNvDBS5
  • We ended this past week with another cliffhanger. The $SPX teeters on the edge of a breakdown from the post-pandemic recovery. While we have NFPs and other key data ahead, the markets are likely to remain fixated on yields. My outlook for next week: https://www.dailyfx.com/forex/video/daily_news_report/2021/02/27/SP-500-Dollar-Reversal-Hinge-Not-On-NFPs-but-Markets-Risk-Imagination.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/mlNDDyTgex
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/70ZOJ0ZMwF
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/SyroornFf5
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4QhQGQ6 https://t.co/KrMcyZZqO7
  • The Reserve Bank of Australia (RBA) rate decision may spark a bullish reaction in $AUDUSD as the central bank is expected to retain the current course for monetary policy. Get your market update from @DavidJSong here: https://t.co/WbcR9ER0qT https://t.co/TynsqCtPQ6
  • Gold has broken below a critical support confluence we’ve been tracking for months now and the risk remains for further losses while below this threshold in the weeks ahead. Get your $XAUUSD market update from @MBForex here:https://t.co/xgN2obaIWR https://t.co/H71ufPNkPg
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/Evr5KgUjVo
Natural Gas: EIA Weekly Natural Gas Storage Report Preview

Natural Gas: EIA Weekly Natural Gas Storage Report Preview

Richard Snow, Markets Writer

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
Advertisement

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

Trading Forex News: The Strategy
Trading Forex News: The Strategy
Recommended by Richard Snow
Learn how to prepare and approach trading around the news
Get My Guide

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

Traits of Successful Traders
Traits of Successful Traders
Recommended by Richard Snow
Find out the #1 mistake traders make and how to avoid it
Get My Guide

--- Written by Richard Snow for DailyFX.com

Contact and follow Richard on Twitter: @RichardSnowFX

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

DISCLOSURES