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Natural Gas Price Prediction – Prices rose as LNG exports increased

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·1 min read
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Key Insights

  • Natural gas prices rallied.

  • The weather is expected to be cooler than normal throughout most of the U.S.

  • Supply fell from the previous week.

On Friday, natural gas prices reversed their uptrend after four consecutive trading sessions of gains. According to the National Oceanic Atmospheric Administration, the weather is expected to be warmer than normal during the next 6-10 days and the next 8-14 days throughout most of the United States.

Prices rise as the weather is warmer and cooling demand increases. According to the LNG export tracker, LNG exports increased to 13.29 Dth from 12.28 Dth. US natural gas supply decreases week-over-week. The average total supply of natural gas declined to 100.2 Bcf/d, falling 0.4% from the previous week.

Technical Analysis

On Monday, natural gas prices surged to the mid-8.7 level as LNG exports skyrocketed from the previous week and supply decreased. Support is seen near the 10-day moving average of 8.020.

Resistance is seen near the May 9th highs. Short-term momentum turned negative as the fast stochastic generated a crossover sell signal.

Medium-term momentum turned positive. The MACD (moving average convergence divergence) histogram prints in neutral territory with a rising trajectory, meaning upward trade action.

This article was originally posted on FX Empire

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