Nymex Gas Price Chart
This could mean that a few of the strongest longs have finally thrown in the towel on a bull market this year. Although we could find out later in the day that it is related to a change in the near-term weather forecast.
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By doing so, we entered a very bearish phase of the selloff, but by the end of the week we had started to see a bit of resiliency. After gapping lower at the start of the week, the market has drifted lower, trading as low as September price levels.
With heating demand low, storage numbers are rebuilding, casting a bearish pall over the market. Expectations are that inventories will decline by 63 Bcf according to Estimize.
Technical AnalysisNatural gas prices eased lower but remained above support near an upward sloping trend line that comes in near 2.
After a promising opening to the new year, natural gas prices fell yesterday after new forecasts called for mild temperatures for the first half of January.
Traders ignored the new forecast from NatGasWeather which called for a cold front to. Natural gas prices moved higher after testing lower levels, as prices appear to be holding support. Warmer than normal weather is forecast to cover most of the United States over the next 2-weeks according to the latest forecast from NOAA. Warmer than normal weather will essentially reduce heating demand and. Natural gas markets gapped a bit lower during the first major session of the new year, showing signs of weakness yet again.
Natural gas futures are edging higher on Wednesday in what appears to be technically related buying. Although we could find out later in the day that it is related to a change in the near-term weather forecast. On Monday, prices gapped lower on both the daily and weekly charts, suggesting. With weakness in USD, every pullback in the gold.
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