US Gas Futures Poised For Surge After Range Trading Turns Bullish

摘要

US May natural gas futures on Friday backed down from a three-session, 17.3c gain that had observers wondering if gas futures are about to break higher. Thursday's 7.4c rise, which capped last week's 6.9% rally, was especially startling as it flew in the face of bearish storage fundamentals. The US Energy Information Administration (EIA) reported a 63 billion cubic foot build for the week ended Apr. 10, bringing working gas inventories to 1,539 Bcf. The build was 10 Bcf above analysts' expectations, indicating a more oversupplied market than thought. It also compared bearishly to last year's 22 Bcf injection and the five-year average build of 35 Bcf.