Natural Gas Futures Drop to Two-month Lows After EIA Data Release
Natural gas futures prices plunged strongly to the weakest level in more than two months on Thursday after a weekly report showed U.S. supplies of natural gas rose much more than expected last week.
November natural gas dropped nearly 2.6 percent to trade at $2.78 per million British thermal units in North American trading session, down significantly from $2.861 before the data release. The price tumbled to the lowest level since August 07th.
According to data published by the U.S. Energy Information Administration, U.S. national storage increased by 51 billion cubic feet for the week ended Oct. 13, compared to analysts’ forecast calling for a climb of 50 billion cubic feet. As stated by the report, total stocks now stand at 3.646 trillion cubic feet.
Sell Stop at 2.7800, Take profit at 2.7500, Stop loss at 0.7950