Natural Gas has reclaimed the spotlight with a sharp move above $3.56, breaking through a key resistance level as a heatwave grips large parts of the United States. With above-average temperatures forecast to persist into late July, demand for cooling remains elevated, significantly boosting power consumption across the board.
Supply remains tight despite elevated production levels. Liquefied Natural Gas (LNG) feedgas volumes are rising as export demand holds strong, keeping domestic stockpiles in check. While some temporary relief in demand could arrive next week, the broader outlook remains bullish. Weather models suggest persistent heat, and traders are increasingly positioning for sustained tightness in the balance of supply and demand.
Technical Setup:
• Key level breached: $3.48 (100-day EMA) decisively broken
• Current price zone: Approaching $3.57, the next major pivot
• Momentum: If bulls secure a weekly close above $3.57, the market could enter a longer-term uptrend with $3.65 and $3.80 in sight.
Takeaway: Natural gas traders should monitor weather patterns and storage data closely. Sustained heat could keep the rally intact, but short-term pullbacks may offer entry points for trend-followers.
Supply remains tight despite elevated production levels. Liquefied Natural Gas (LNG) feedgas volumes are rising as export demand holds strong, keeping domestic stockpiles in check. While some temporary relief in demand could arrive next week, the broader outlook remains bullish. Weather models suggest persistent heat, and traders are increasingly positioning for sustained tightness in the balance of supply and demand.
Technical Setup:
• Key level breached: $3.48 (100-day EMA) decisively broken
• Current price zone: Approaching $3.57, the next major pivot
• Momentum: If bulls secure a weekly close above $3.57, the market could enter a longer-term uptrend with $3.65 and $3.80 in sight.
Takeaway: Natural gas traders should monitor weather patterns and storage data closely. Sustained heat could keep the rally intact, but short-term pullbacks may offer entry points for trend-followers.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.