Natural gas futures (NATGAS) shifted into a higher gear today, rallying 2.6% and breaching key technical levels The bullish catalyst came courtesy of the U.S. Energy Information Administration (EIA), which reported a weekly storage injection that undershot Wall Street consensus estimates.
Key Highlights:
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The EIA Print: A net injection of 73 BCF for the week ending June 12, 2026 – coming in lower than the forecasted 76 BFC – marked a massive deceleration from the previous week's triple-digit 108 BCF injection.
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Storage Rebalancing: While total storage remains 151 BCF above the five-year average, it has notably flipped to 29 BCF below last year’s levels, confirming a progressive tightening of the structural supply-demand balance.
Source: EIA
NATGAS (H1)
NATGAS contract spiked past major Fibonacci levels on the hourly chart, piercing through the 61.8% retracement mark at 3.217 and eyeing a retest of its recent peak. Futures streched today's gains up to 2.6%, after briefly testing a 100-period exponential moving average (EMA100; dark purple) on the hourly chart. In general, the price remain firmly consolidated between 3.000 and 3.360, so even a breakout above recent peak would still require a lot of steam to initiate a truly bullish trend takeover.

Source: xStation5
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