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 Natural gas in the US is losing almost 6% amid inventories surging more than expectedUS gas stocks increased by 74 billion cubic feet against an expected 61 billion cubic feet, against a previous increase of 92 billion cubic feet. In addition, there were forecasts that the temperatures are to drop slightly in the near future, which allowed for a drop in prices below a very important technical point – the abolition of 50% of the entire growth wave started at the end of last year.

Gas prices can drop as low as $ 5-6 MMBTU

Nevertheless, the still present increase in inventories is too small to bring the gap to the 5-year average. Maintaining $ 6.2 per MMBTU is crucial for the bulls at this point.

Source: xStation5

Gas continues to decline. If support is not maintained in the form of local lows in the first part of the year, gas prices could fall as low as $ 5-6 MMBTU.

Source: xStation5

The change in inventories does not differ from the seasonality, which shows that reduced exports do not lead to an increased increase in inventories. Despite this, gas prices are clearly falling. After the release, prices fell by an additional 3%.

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