08.04.2020 Natural Gas Daily Analysis

08.04.2020 Natural Gas Daily Analysis

Natural Gas is trading at $1.864 (+0.65%) as US citizens experience colder than normal temperatures. Another factor causing a bullish effect in natural gas prices is the fact that when they cut the output of oil, some oil rigs will come offline. This will mean that demand will remain steady, but supply will be affected, therefore causing the prices to go up. On Thursday, the US Energy Information Administration (EIA) will release a Natural Gas Storage report. This report measures the change in the number of cubic feet of natural gas held in underground storage during the past week. Analysts have said that if inventories are able to stabilize when there is a decrease in production, then we should see bullish movement in the price of natural gas.