JULY 18 FRIDAY
SHORT TERM TEEND : BEARISH : TARGET RS 432
LONG TERM TREND : BULLISH TARGET RS 630
S1 RS 453 , S2 RS 448, S3 RS 444
R1 RS 468, R2 RS 462, R3 RS 465
Natural gas tumbles 8% after inventories data
Natural-gas futures tumbled 7.6% Wednesday after
government data showed U.S. inventories gained more
than expected.
U.S. natural-gas inventories rose 104 billion cubic feet in
the week ended July 14, the EIA reported Thursday.
Analysts at Global Insight had been expecting a buildup
of 86 billion cubic feet.
After the data, natural-gas futures for August delivery tumbled
86.1 cents, or 7.6%, to close at $10.54 per million British thermal
units. Earlier, it fell to an intraday low of $10.46, down 8.2%. .
At 2,312 billion cubic feet, natural-gas stocks were 361 billion
cubic feet less than last year at this time and 49 billion cubic feet
below the five-year average of 2,361 billion cubic feet, the EIA said.
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