Alina Haynes
May 19, 2022 11:17
Wednesday marked the fourth straight trading day in which natural gas prices advanced.
In the majority of the United States, the National Oceanic and Atmospheric Administration predicts that the weather will be above normal for the next 6 to 10 days and average for the next 8 to 14 days.
The EIA reports that US LNG shipments declined by four vessels in comparison to the prior week. LNG terminals may conduct seasonal maintenance that reduces exports.
On Wednesday, natural gas prices resumed their upward trajectory after surpassing $8.00 on Tuesday. Prices may encounter target resistance near $9, the 2022 peak. As the fast stochastic generated a crossover sell signal, short-term momentum has turned negative.
Positive momentum could develop over the course of the next few months. The MACD (moving average convergence divergence) histogram is negative and rising, indicating range-bound trading conditions.