MTECHTIPS;- Natural Gas Price Fundamental Daily Forecast

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MTECHTIPS;- Natural Gas Price Fundamental Daily Forecast 

MTECHTIPS-Natural gas futures are trading lower early Monday, shortly before the regular session opening. The price action suggests that last Thursday’s technical reversal bottom and Friday’s subsequent follow-through rally were fueled by short-covering and not by aggressive counter-trend buying. At 0903 GMT, September Natural Gas futures are trading $2.706, down $0.022 or -0.81%. Last week, short-sellers drove the market to its lowest level since December 27, 2017 on concerns over strong production and the return to more average temperatures in several key demand areas over the near-term. The futures market rallied on Thursday and followed through to the upside on Friday after the U.S. Energy Information Administration reported a smaller-than-expected storage injection during the week-ending July 13. According to the U.S. Energy Information Administration (EIA), domestic supplies of natural gas rose by 46 billion cubic feet for the week-ended July 13. Traders were forecasting a build of about 59 billion cubic feet, while the average over the last five years for the same week was a rise of 62 billion. Total stocks now stand at 2.249 trillion cubic feet, down 710 billion cubic feet from a year ago, and 535 billion below the five-year average, the government said

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