Natural Gas Price Analysis for November 10, 2017

Natural gas prices continued to move higher on Thursday following an inline inventory report released by the Department of Energy.  Prices surged up to resistance near a downward sloping trend line that comes in near 3.22. Support on natural gas is seen near the 10-day moving average at 3.03. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal.

Inventories Were in line with Expectations

Working gas in storage was 3,790 Bcf as of Friday, November 3, 2017, according to EIA estimates. This represents a net increase of 15 Bcf from the previous week. Stocks were 219 Bcf less than last year at this time and 71 Bcf below the five-year average of 3,861 Bcf. At 3,790 Bcf, total working gas is within the five-year historical range.