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The Commerce Department reports on May factory orders Thursday at 10 a.m. Eastern. ORDERS DOWN: Economists believe that orders dipped 0.5 percent, according to a survey of economists by data firm FactSet. ...
The Zacks Analyst Blog Highlights: Exxon Mobil, Chevron, Core Laboratories, McDermott International and Petrobras
Now that futures markets are getting cautiously optimistic about natural gas, traders are more convinced gas prices will not drop below $2.60, putting the ball in the court of the buyers
Yesterday, the API released its weekly crude oil, gasoline, and distillates stock report. Oil stocks rose by 1.9 MMbbls for the week ending June 26, 2015.
The warmer weather consensus and demand from power plants could drive natural gas prices higher. The key resistance is seen at $3.20 per MMBtu.
The bearish sentiments could push crude oil prices lower. The next support for WTI is seen at $55 per barrel. Oil prices tested this level in April 2015.
For the week ending June 19, the natural gas inventory came in at 2,508 Bcf—compared to 2,433 Bcf a week earlier. This is an addition of 75 Bcf during the week.
Gas prices closed at $2.80 per MMBtu on June 29, 2015. The consensus of warmer weather supported natural gas prices in yesterday’s trade.
After two consecutive weekly gains, natural gas prices fell last week. The Henry Hub spot price fell to $2.77 per MMBtu from $2.81 a week earlier.