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NatGas Dips on Large Build in Stockpiles

  • Energy markets started the session slowly, before spillover buying from buoyant equity markets helped bolster sentiment. In response, WTI crude futures hit the week's best levels at $66.71. Resistance sits stronger at the mid-May high of $67.01.
  • EIA NatGas Storage Chance came in ahead of expectations, with a build of 115 BCF. This weighed on NatGas futures, prompting markets to erase the entirety of the late Tuesday gains.
  • Gold and silver ebbed lower for much of the Thursday session, pressing spot gold back below the psychological $1,900/oz mark. This relieves some of the overbought signals emanating from the 14-day RSI, which has edged off the multi-month highs printed earlier in the week.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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