Natural Gas futures on the Nymex remained flat during the week as Friday’s session closed at $2.86 on average trading volumes after EIA released its weekly storage report. A withdrawal of 149 Bcf has been confirmed which is moderate for a week ending March 1st. Price lost momentum late on Thursday and Friday as Daily MACD started looking weak. This is a bounce we anticipated after the winter’s seasonality depression, price might remain around this area for another few weeks forming range bound movements and then being sold on exhaustion as fundamentals remain bearish and will drive this market lower after these last cold shots retire, both in Canada and the Lower 48. Demand will remain high enough next week on colder weather than normal. We will not buy unless we see a break above the $3.20 while we need to permanently monitor the U.S. rig count and production levels, consumer spending, the trade agreements for U.S. LNG exports and the Dollar against majors for any potential alteration in sentiment. We like to sell rallies on short term charts while MACD and RSI offering precision in our entry decisions.
- Σχολιασμός ΑΛΦΑ ΟΤΕ ΤΙΤΚ
- Αρχή διόρθωσης ή νέο πτωτικό κύμα;