GasTrader
08-14-2008, 05:33 PM
August 14, 2008
NO STORM WORRIES
Prices opened lower, made the high of the day, $8.522, shortly before the release of inventory data, and once modestly bullish data was released continued to trade lower for the rest of the session. The EIA reported a 50 Bcf injection, slightly less than expectations in the low 50 Bcf range. Once the number was released, prices fell another five cents. Market Profile traders are looking for Friday’s trading to indicate next week’s direction. Short term traders see no positive impact from tropical weather and suggest the market has room to trade lower. There are no organized tropical systems in the Atlantic.
NO STORM WORRIES
Prices opened lower, made the high of the day, $8.522, shortly before the release of inventory data, and once modestly bullish data was released continued to trade lower for the rest of the session. The EIA reported a 50 Bcf injection, slightly less than expectations in the low 50 Bcf range. Once the number was released, prices fell another five cents. Market Profile traders are looking for Friday’s trading to indicate next week’s direction. Short term traders see no positive impact from tropical weather and suggest the market has room to trade lower. There are no organized tropical systems in the Atlantic.