The Nymex Natural Gas market moved sideways during the week, closing only 0.28% lower from the previous one, at $2.94. Thursday’s storage report showed a 33 Bcf build and this number did enough for price to maintain the upper bound. Weather in the Lower 48 remains hot enough, although trading volumes decreased significantly, as many traders remain patient, looking for the upcoming news concerning the amount of U.S. LNG exports to E.U. and Asia amid new trade agreements. The average price of the coming months, even years, will be based on this equation. U.S. Natural Gas producers will have to raise production in an already oversupplied domestic market and price should remain on a level for producers to be profitable yet competitive enough to reach overseas customers. We still want to trade the short term swings inside the ranges we are looking at. Selling the rallies or buying the short term. For longer period positions, daily MACD is offering entry opportunities on a monthly basis as well. We do not want to buy the longer term, not unless we see a sustainable break above the $3.10.
- Τραμπάλα το ΧΑ
- Natural Gas shows rejection signs at major resistance area