Another week full of noise for Nymex Natural Gas closing 2.21% higher than the previous one at $3.23, despite one more large build of 81 Bcf in working underground stocks. Trading volumes fell significantly which indicates that traders might take a break while a new range bound seems to be finally formed. The refill season will give us another few weeks of large builds and seasonality is still being integrated. Some disruptions in the distribution network don’t seem to affect the price at this point. Weather in the Lower 48 will stay milder in general, yet we will start to see higher demand than normal, because of some cold conditions in the northeast. Monthly charts show we are close to long term resistance, maybe at $3.40 and shorter ones give support at $2.80. Similar volatility or another trend are very welcome. Trading the short term is what we do here for quite a long time, while MACD and RSI offering us precision in our entry decisions. Trading volumes and stronger Dollar against major currencies have to be monitored closely. Dimitris Kontoulis.
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