EIA Natural Gas Storage Change - Decent Deviation in Trend Direction but

Today at 15:30 GMT (10:30 EST) on Thursday April 5th 2012 the Natural Gas Storage Figures were released from the EIA. They had a bearish Build of +8, a pretty decent number but the spike was quite fast and there was not a continuation. On April 2nd, the active Natural Gas Future Contract NG broke $2.1 which I believe was the low from September 2001, thus making a new decade low. Price prompted bounced from this historic level all the way back to $2.20.

So this may mark a turning point, the historic low has now been taken out, what will happen to this this downtrend in NatGas. Certainly the price was not so willing to continue moving downwards on this quite decent deviation although it was quite a good spike move. Could things go sidewise or is Natural Gas going to make a further push beyond $2.10 perhaps attempting the key $2.00 level. Time will tell, for now there maybe a break with some sidewise action as the winter ends.

Here is the data:

EIA Natural Gas Storage change
Estimates- Median: 34 Average: 34 Low: 25 High: 45
Actual: 42 Prior: 57 No Revisions

Here is a 30 second chart of the May NG contract. It shows how it snapped back all the way to the 78% of the initial sppike move. There was also of bouncing off the pivot as price did tend to move gradually back to the downside, but never took out the initial spike lows...for now at least, perhaps eventually.