Thursday, May 10, 2018
Injection Less Than Expectations
The EIA reported an 89 bcf Injection for the week ending May 4, 2018. The 89 bcf injection was close to the average for this week of the year, average being about 90 bcf injection, and the injection was less than the average of expectations 93 bcf injection, with a range of an 83 injection to a 114 bcf injection.
The computer weather model estimated an injection of 94 bcf suggesting demand was slightly greater than supply during this past week.
Prices jumped when the report was released, and continued up throughout the trading day, ending near the highs for the day. The market is currently bullish, with $2.70 a support value, but it also may stuck in a trading range. It needs to decisively close above $2.87 to break out of the trading range.
(See charts below)