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Prices of Natural Gas Increased Ahead of an Inventory Report

Daniel Rogers

May 05, 2022 11:21

Tuesday, natural gas prices soared to new 13-year highs. For the next two weeks, the weather is forecast to be mixed, with cooler temperatures on the West Coast and warmer temperatures on the East Coast. Stockpiles of natural gas are projected to grow.

 

Net storage injections totaled 40 Bcf last week, compared to 53 Bcf on average over the last five years and 18 Bcf last year during the same week. Working natural gas inventories totaled 1,490 Bcf, 305 Bcf less than the five-year average and 406 Bcf less than this time last year.

Technical Evaluation 

Natural gas prices increased on Monday, reaching a fresh intraday high of 13 years. At 5.7, support is located at the 20-day moving average. Near the June 2013 highs of 13.60, the target resistance is visible.

 

The medium-term trend has shifted to the positive. A crossover purchase signal was given by the MACD (moving average convergence divergence). The MACD histogram is in positive zone with an upward sloping trajectory, indicating that prices are likely to rise. The short-term momentum indicator has turned positive as a crossing buy signal was given by the fast stochastic.

 

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