The U.S. Energy Department's weekly inventory release showed a big decrease in natural gas supplies – the season’s sixth successive withdrawal. Following the massive drop – the largest since February 2014 – natural gas storage has run into a deficit versus the five-year average, while price surged to a 2-year high.
The dramatic recovery has helped the commodity cross the key psychological level of $3.5 per MMBtu. Currently at a 2-year high of around 3.8 per MMBtu, prices look set to break the $4 barrier if inventories continue to fall.
Although Yemen is the big picture rising Natural gas prices in USA certainly doesn't hurt PSA.
GLTA Fishywoo
PSA Price at posting:
17.0¢ Sentiment: Hold Disclosure: Held