Natural gas storage levels rose 28 Bcf (billion cubic feet) to 1,607 Bcf as of Friday, Apr. 8. Analysts polled by Bloomberg thought levels would rise 35 Bcf.
In addition, inventory was 137 Bcf less than that from a year ago.
"This is largely technical, and not a massive and sudden tightening of supply," a Gelber & Associates report said.
Nevertheless, "it forced many to make a decision today, driving the contract well past the $4.219 100-day moving average that has topped the recent price clus-ter." The report said if natural gas futures can break that technical barrier, there may be more short covering into the weekend. "Should we close below, look for some selling tomorrow."Natural gas plays were trading in mixed territory. Westport Innovations (WPRT - Get Report) was losing 1.6% to $24.80, Fuel Systems Solutions (FSYS - Get Report) was adding 0.8% to $27.97, Devon Energy (DVN - Get Report) was falling 0.2% to $87.55, Newfield Exploration (NFX - Get Report) was losing 1.2% to $69.86, Cheniere Energy (CQP - Get Report) was unchanged at $18.27 and Kinder Morgan Energy Partners LP (KMP) was up 1.2% to $75.19.
(Published at 1:32 pm) Wheat futures were tumbling on weather forecasts, better Russian and Ukrainian wheat production levels and profit taking in commodities.