The price of natural gas moved higher as traders reacted to the report. The five-year average build for this time of the year is +89 Bcf. Thus, the actual build was lower than the five-year average build and lower than the analyst consensus, which is bullish for natural gas prices.
Traders will also focus on weather forecasts, which indicate that demand should be high in the next few days. However, longer-term forecast is somewhat bearish as it indicates that weather could be mild, reducing demand for energy.
From the technical point of view, natural gas is trying to rebound after the strong pullback, which was triggered by the impact of Hurricane Milton. Currently, natural gas is trying to settle back above the $2.40 – $2.45 level. In case this attempt is…
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