MTECHTIPS;-Natural Gas Price Analysis for April 13, 2018

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MTECHTIPS;-Natural Gas Price Analysis for April 13, 2018

MTECHTIPS-Natural gas prices edged higher by 0.5% on Thursday following a larger than expected draw in natural gas inventories as reported by the Energy Information Administration. Colder than normal weather is forecast to cover most of the northern section of the United States for the next 8-14 days, which should buoy heating demand. Natural gas prices increase on Thursday but were unable to recapture resistance near the 50-day moving average at 2.69. Support is seen near an upward sloping trend line that comes in near 2.58.  Momentum is neutral as the MACD (moving average convergence divergence) histogram prints near the zero-index level with a flat trajectory which points to consolidation. Working gas in storage was 1,335 Bcf as of Friday, April 6, 2018, according to EIA estimates. This represents a net decrease of 19 Bcf from the previous week. Expectations were for a 11 Bcf decline. Stocks were 725 Bcf less than last year at this time and 375 Bcf below the five-year average of 1,710 Bcf. At 1,335 Bcf, total working gas is within the five-year historical range

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