Yahoo Finance Natural Gas Price Analysis for February 22, 2018
Natural gas prices rebounded hitting an 8-day high as colder than normal weather continues to spread across most of the western portion of the United States. Traders now await inventory data from the EIA which is scheduled for Thursday. A stronger than expected Markit manufacturing PMI also lifted natural gas prices. Prices pushed through resistance now support near the 10-day moving average at 2.606. Resistance is seen near former support at 2.74. Momentum is turning as the MACD is poised to generate a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).
U.S. Markit manufacturing PMI rose
U.S. Markit manufacturing PMI rose 0.4 points to 55.9 in the flash February print. The January index also rose 0.4 points to 55.5. It was 54.2 last February. This is the best reading since October 2014. New orders increased to 57.8 from 56.8 and is the highest since September 2014. The services index jumped 2.6 points to 55.9, after dipping 0.4 points to 53.3 in January. It was 53.8 a year ago. This is the highest since August. The employment component rose to 54.4 from 53.4 and is the best since August as well. Prices charged were up to the highest since September 2014. The flash composite index climbed to 55.9, up 2.1 points, after sliding 0.3 points to 53.8 last month. The February 2017 print was 54.1. This is the highest since November 2015. New orders and employment increased too. All around it’s a very solid report.
Canada’s Economy Moderated in December
The growth rate of Canada’s economy appears to have moderated in December after surging in November. The monthly reports are tracking a 0.1% gain in GDP during December following the 0.4% jump in November. GDP is on course for a 2.0% growth pace in Q4 after the 1.7% rate of increase in Q3, which would undershoot the BoC’s 2.5% projection and hence add to the backing for a gradual, cautious rate hike path from the Bank of Canada this year.
This article was originally posted on FX Empire
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