EIA Natural Gas Storage - Lower Print sees only brief uptick

This Thrusday January 26th at 10:30 EST (15:30 GMT) the Natural Gas Storage Change figures were released from the EIA. There was a lower print, which would have normally caused a big spike up in the Natural Gas futures. However Natural Gas is being driven by other factors at the moment and is not really following this data. A much warmer winter means Natural Gas storage is much higher than previous years, as well as the fact that due to phracking techniques there is now much more available in the USA.

On January 23rd Chesapeake announced they would be scaling back their Natural Gas operations as the price of Natural Gas has been trending lower and is nearly testing 10 year lows made around September 2001. This caused Natural Gas to rally and it could be a major turning point for this commodity. Despite Natural Gas selling off on a lower number, all in all the price has been moving up since the 23rd Chesapeake announcement, and should soon retest the recent highs.

Here is the data:

EIA Natural Gas Storage Change
Estimates- Median: -175 Average: -173 Range: -194 to -140
Actual: -192 Prior: -87 No Revision

Here is the 1 minute chart of the NQ Natural Gas Futures, this chart does not have a decimal place since it is from a spreadbettor broker:

Next is the 2 minute chart of Chesapeake which does seem to follow Natural Gas better than other energy stocks: