Natural Gas futures tumbled after EIA reported an injection of 4Bcf, compared to analysts’ estimates of a 10Bcf draw. The JAN13 contract broke $3.70/MMBtu support and rebounded at the next level $3.637/MMBtu, which was set earlier this month. This report was bearish on all counts, since the injection was also above last year’s 2Bcf injection.
Weather forecasts continue to be bearish in the 6-10 day horizon, so prices will have a hard time rising until we have sustained cold temperatures. We have a bearish outlook for the coming week.
