Working gas in storage was 3,052 Bcf as of Friday, August 20, 2010, according to EIA estimates. This represents a net increase of 40 Bcf from the previous week. Stocks were 198 Bcf less than last year at this time and 177 Bcf above the 5-year average of 2,875 Bcf. In the East Region, stocks were 15 Bcf above the 5-year average following net injections of 48 Bcf. Stocks in the Producing Region were 84 Bcf above the 5-year average of 865 Bcf after a net withdrawal of 5 Bcf. Stocks in the West Region were 78 Bcf above the 5-year average after a net drawdown of 3 Bcf. At 3,052 Bcf, total working gas is within the 5-year historical range.
ir.eia.gov
This morning I entered a long position in some QG futures. I believe we will see prices move up to 4.00-4.10 before the next pullback. The RSI on the the NG futures remains in oversold territory, and momentum is bottoming. In addition, The UNG confirms a similar trading trend in the RSI and MACD. Also, I expect the 20 day SMA to cross the 50 day. Prices are already bouncing back from the inventory data release.
Patrick M. Ambrus
Analyze Capital LLC
Twitter: Analyze Capital
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