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January 11th, following the shocking non-farm payrolls data in December last year, investors are now turning their attention to the December CPI data scheduled for release next Wednesday. Bank of America analysts Sarah House and Aubrey Woessner expect overall inflation to reach a five-month high of 2.9% in December, higher than 2.7% in November. They said in a report that the core CPI growth rate is expected to remain at 3.3% for the fourth consecutive month. They believe that inflation "will stagnate this year as anti-inflationary benefits from improved supply chains and falling commodity prices have faded, while new headwinds may emerge from trade policy."Morgan Stanley said the U.S. nonfarm payrolls report should reduce the likelihood of a near-term Federal Reserve rate cut.Germanys DAX30 index closed down 106.06 points, or 0.52%, at 20213.31 points on January 10 (Friday); Britains FTSE 100 index closed down 69.50 points, or 0.84%, at 8250.19 points on January 10 (Friday); Frances CAC40 index closed down 59.24 points, or 0.79%, at 7431.04 points on January 10 (Friday); The STOXX 50 index closed at 4,976.85 points on January 10 (Friday), down 41.06 points, or 0.82%. The Spanish IBEX 35 index closed at 11,722.18 points on January 10 (Friday), down 177.12 points, or 1.49%. The Italian FTSE MIB index closed at 35,097.00 points on January 10 (Friday), down 218.51 points, or 0.62%.Ukrainian President Zelensky: Sanctions deal a "significant blow" to financing Russias conflict in Ukraine.Ukrainian President Zelensky: Welcome US sanctions against Russian oil and shadow fleet.

Natural Gas Prices Increase by Nearly 9% Ahead of the Inventory Report

Alina Haynes

Apr 28, 2022 10:26

Natural gas prices increased on Wednesday, ahead of the Department of Energy's Thursday inventory update. According to a poll conducted by crowdsourcing company Estimize, inventories are expected to increase by 36 Bcf. The weather is forecast to be mixed over the next two weeks, with chilly weather covering the northern states and warmer-than-average weather in the south.

 

Natural gas output in the United States continues to increase. According to the EIA, natural gas output in the United States climbed by 2% in 2021, reaching 118.8 billion cubic feet per day monthly in December 2021, the highest level on record. Appalachia, the Permian, and Haynesville all contributed to this surge, accounting for 59 percent of total withdrawals in 2021, up from 24 percent in 2011.

Technical Evaluation

On Wednesday, natural gas prices increased significantly. Prices breached resistance, which is now acting as support at the 10-day moving average of 7.05. Near the April highs of 8.06, the target resistance is visible. At 5.50, support is located at the 50-day moving average.

 

Momentum is negative but decelerating in the medium term. The MACD histogram is printing negative values with an upward trend, indicating consolidation. A crossover sell signal was generated by the MACD (moving average convergence divergence). The short-term momentum indicator has turned positive as a crossing buy signal was given by the fast stochastic.

 

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