Natural Gas market on the Nymex faced a volatile week. Price came down from recent new highs only after Thursday’s EIA storage report showed a 98 Bcf build, which is large for this time of season and very close to the 5-year record for a weekly injection amount. Seasonality integration is on and Friday still closed 4,90% higher than the week before, at $3.14. This market is in an uptrend, eventually looking to reach for a higher range bound in the coming weeks. Demand is still moderate and the refill season might not be big enough, for stocks not to look shallow at the end of it, compared to the 5 year averages or even last year’s build. These $3.10s or $3.20s must stay for a while and before winter comes in the Lower 48, based on longer period technicals, otherwise, a very bearish sentiment will again take over, because of the known oversupply issues. No need to over analyze the fundamentals though, we are looking for entry opportunities with the appropriate stops in both plays, on the daily or the 4-hour charts. MACD and RSI offering precision to our decisions. Dimitris Kontoulis.
- Νέα θέση
- Things are simple in Bitcoin land