Trump Threatens Iran with Economic Isolation, Oil Prices Soar
Natural gas prices pulled back after the EIA Weekly Natural Gas Storage Report indicated an increase in working gas in storage of +16 Bcf from the previous week, which was less than analysts' forecast of +19 Bcf.
The current stock levels are -28 Bcf below last year's level and +185 Bcf above the five-year average for this time of year. The technical picture remains unchanged as natural gas is stuck near the resistance level at $2.75, $2.80.
Natural gas traders believe that if prices manage to settle above the $2.80 level, it will head towards the 50 MA at $2.97, and a move above that would push natural gas towards the resistance level at $3.00, $3.05.
In contrast, WTI oil gained ground after President Trump said any country providing lifeline to Iran would face 'tremendous economic consequences.'