Given the current positive natural gas trends, without a gas report next week, the gas rally could continue “as the market would not have what is likely to be another above-normal inventory injection to digest,” Dominick Chirichella, senior partner at the Energy Management Institute, said in the Bloomberg article.
Gas storage levels rose 90 billion cubic feet last week, compared to last year’s gain for the same week of 73 bcf and the five-year average of 84 bcf for the week, Wall Street Journal reports. The EIA stated that current stocks of 3.577 trillion cubic feet are 3.7% lower year-over-year, but 1.6% above its five-year average.
United States Natural Gas Fund
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Max Chen contributed to this article.