Natural gas prices are rising as speculators anticipate colder weather. The cost of natural gas in the United States could increase.
Natural Gas Key Points
The price of natural gas has risen to around $3.20 before retracing down a bit
The US currency falls amid weak ISM Services PMI with ADP Employment Change statistics.
The cost of natural gas in the United States may rise due to the potential of an icy front arriving earlier than predicted.
Natural Gas prices are soaring as speculators ignore the European shortages. Investors seem to be more concerned with the impending chilly wave next week. The present delay for European gas usage appears to be short. With homeowners raising their heating systems by the finish of October.
Natural Gas Current Trading Table
Day Range 2.96 – 3.02 Open 2.988
Volume 9.8K
5 Day +2.59%
1 Month -0.73%
3 Month -7.12%
YTD -49.12%
1 Year -78.55%
Natural gas shipments from the United States reached an all-new top in the second half of 2023.
Data source: U.S. Energy Information Administration
In the meantime, the US the dollar continues to trade in a volatile range on Thursday. With multiple financial instruments attempting to recoup losses versus the USD. Since segments of the equities, commodities, and bond prices all hit annual minimums in the previous week. It is not surprising seeing all of them are higher on Today. The ADP & Institute of Supply Management (ISM) figures on Yesterday dampened the American DXY value
Technical Perspective
This week, natural gas prices are surging, with speculators disregarding warmer temperatures across Europe. And instead concentrating upon an impending frigid front. Investors believe that the European Union will want to maintain its gas stocks full at all times therefore would purchase at any given time. Given this posture, a rapid push upward in the following weeks is possible.
The critical level at $3.07 was recently breached to the higher once more. The present level needs to serve as a fresh ground. Forcing values higher. In terms concerning the rising trending medium, the upward trajectory appears to be confined to $3.30 mark for testing the top hurdle.
On the negative side, the freshly created base around $3.07, jointly with the psychological $3 large number. Could serve as support. If consumption falls more or additional supply from Norway returns. Anticipate a starting dip again to the positive rising trend line around $2.95. Assuming that fail, $2.80 is a level of price with 2 moving averages (which is the 55-day with a 100-day). As well as the deeper hurdle of a trending band. Witch might urge bulls to take advantage of any sliding price movement.
