- Natural Gas surges, piercing right through the 100-day SMA on a mixture of falling inventories and a weaker US Dollar.
- EIA data shows a substantial below-expectations drop in Gas storage, suggesting dermand outweighs supply.
- ECB executes a hawkish hike, revising up inflation forecasts, boosting the Euro and weighing on USD.
- Gas market demand bubble and supply headwinds further underpin the commodity.
Natural Gas price surges higher on Thursday supported by lower-than-expected Natural Gas Storage Change data from the Energy Information Administration (EIA) and a weaker US Dollar following the European Central Bank (ECB) interest rate decision. The weekly EIA data showed a lower-than-expected 84B cubic feet of Gas in storage in the week ending June 9, indicating demand outweighed supply.
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