EIA Natural Gas Storage Change - Nice Big Build Sparks Large Down Spike in already downtrending market

This afternoon of Thursday March 29th at 15:30 GMT (10:30 EST) the Natural Gas Storage Change Figures were released from the EIA. This market continues to trend lower and lower, and it appears nearly certain that eventually the $2 mark will be tested. The market had been in risk-off mode especially the Australian Dollar which has been hit particularly hard on talk of a slowdown in China and the assumption that the RBA would cut rates at its next meeting. Moves could be exacerbated by the end of Q1 at the end of march, the last trading day of the quarter is tomorrow. Profits are being booked and bad positions dumped to square the books so quarterly reports show decent gains or that the risk profile is agreeable.

Anyway here is the data:

EIA Natural Gas Storage Change
Estimates- Median: 48 Average: 49 Low: 40 High: 70
Actual: 57 Prior: 11 No Revision

Here is the 15 second chart...unfortunately I lost my broadband connection a few seconds before the release, and by the time I got it restored the data had been released. I chased the move at a bad location. I was still able to get a few point despite this obvious bad execution. Despite my 7 years of trading experience, that is 7 years of at least 40 hours a week in front of the charts, not to mention a decade of trading stocks on daily charts after work, it never ceases to amaze me how I am still prone to make trading errors. The feeling that I missed out causing me to chase at a badly considered entry. Feeling regret for loosing my broadband causing me to try and make up for missing the event. Oh well, we do get better with time and these errors get fewer and far between, we also get much better at recognizing when we have made one and quick to stop our self's from progressing further with it. Anyway here is that chart:

This is the 1 minute chart of the May 2012 Natural Gas Future Contract NG, which now carries more volume than the April contract. One can see that there were some obvious pullback and momentum waves which could have been taken advantage of. After my initial blunder I just decided to stand aside. Not to mention the fact that the Australian Dollar was in the final stages of selling off to some very strong support ahead of 1.0300. I remain primarily a Forex trader and Commodity futures is really just a sideshow.

Here some charts of Chesapeake, Devon and Cabot Stocks which usually follow the Natural Gas. Although they usually follow it better if it is not trending down so much as these stock also follow the stock market. So although initially they did move down they did pullback a bit later but then did progress much lower as the session progreessed:

Chesapeake Energy Corp. or CHK 1 minute chart

Devon Energy Corp. or DVN Stock 1 minute chart

and finally Cabot Oil & Gas or COB Stock 1 minute chart