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Natural gas climbs on bullish storage

Posted on: July 29, 2016

Like any Adele single, gas rocketed up the chart yesterday. The September future settled 21 cents higher at $2.87 while AECO jumped to $2.50 at the front. The big driver was a bullish EIA inventory report, which put the injection at 17 bcf compared to expectations of 25 bcf, well ahead of the 5-year average of around 50 bcf. AECO basis did weaken a bit yesterday.

Today we see support around $2.82 and resistance around $2.99.

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