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Natural gas bulls were able to defend the range floor through FOMC minutes yesterday and Energy information Administration's (EIA) weekly inventory report today, suggesting bulls might push prices again higher to test the range high around $2.95/mmbtu area.
If bulls' succeed in defending the range floor, there exists and excellent opportunity to go long in natural gas since Risk reward stand extremely lucrative.
EIA report showed inventory rose by 52 billion cubic feet compared to last week's 65 billion cubic feet. In spite of falling storage injection total inventory is still above 5 year average.
Weaker Dollar is providing some support.
Trade idea -
Kindly note this is a technical range trade, based on favorable risk reward.
- Go long natural gas, with target around range high or at least $2.90/mmbtu area and stop around recent low at $2.68/mmbtu.
Kindly note, bears have the potential to push natural gas towards $2.35/mmbtu if the floor gets cleared. So trade is not at all advised to be held in such case.
Natural gas is currently trading at $2.75/mmbtu.
