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Natural Gas Price Forecast - Prices increased as a result of slower production growth

Daniel Rogers

May 26, 2022 09:48

After four consecutive trading sessions of increases, natural gas prices reversed course on Wednesday.

 

The National Oceanic and Atmospheric Administration predicts that the weather will be warmer than average in the eastern United States for the next 6 to 10 days and 8 to 14 days. As the temperature rises and cooling demand grows, prices climb.

 

According to the LNG export tracker, LNG exports increased to 13.39 on Wednesday after decreasing the day before. However, the natural gas supply in the United States has continued to fall. This circumstance has prompted a price increase. Working natural gas in storage hovers around the minimal amount for the next five years.

Technical Evaluation

Wed., natural gas prices soared past $9 before settling at $8.9, as dwindling stockpiles pushed prices higher. Near the 10-day moving average of 8.29 is viewed as support.

 

Near the May 9 highs of 8.996, there is resistance. As a result of the crossing sell signal given by the fast stochastic, the short-term momentum went negative.

 

As the MACD signaled a buy crossing, medium-term momentum became positive. The MACD (moving average convergence divergence) histogram displays a positive value and an ascending trend, indicating increasing trade activity.

 

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