U.S. Markets close in 5 hrs 14 mins
  • S&P 500

    4,539.18
    +19.55 (+0.43%)
     
  • Dow 30

    35,624.03
    +166.72 (+0.47%)
     
  • Nasdaq

    15,166.66
    +37.57 (+0.25%)
     
  • Russell 2000

    2,288.81
    +12.90 (+0.57%)
     
  • Gold

    1,783.20
    +12.70 (+0.72%)
     
  • EUR/USD

    1.1652
    +0.0015 (+0.1282%)
     
  • 10-Yr Bond

    1.6360
    +0.0010 (+0.06%)
     
  • Vix

    15.42
    -0.28 (-1.78%)
     
  • GBP/USD

    1.3811
    +0.0017 (+0.1229%)
     
  • USD/JPY

    114.3110
    -0.0490 (-0.0429%)
     
  • BTC-USD

    66,618.80
    +4,691.65 (+7.58%)
     
  • CMC Crypto 200

    1,544.08
    +63.27 (+4.27%)
     
  • FTSE 100

    7,217.55
    +0.02 (+0.00%)
     
  • Nikkei 225

    29,255.55
    +40.03 (+0.14%)
     

Natural Gas Price Forecast – Natural Gas Markets Pull Back Towards the $5.00

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Natural gas markets have fallen a bit during the course of the trading session on Monday to slice through the $5.00 level, but as you can see you, the market has turned around to show signs of support. Previously, the market had shot straight up in the air, but quite frankly the market has gotten far too ahead of itself. The $4.80 level underneath should be supportive, so if we were to turn around a break down below that level, then it is likely that we go much lower.

NATGAS Video 21.09.21

The market breaking down below that level opens up the possibility of $4.50 being targeted, as well as the 50 day EMA underneath there. Ultimately, the market would have a massive “floor” in it at the $4.00 level. That being said, if we turn around a break above the top of the candlestick for the trading session on Monday, then we could go looking towards the $5.50 level above.

The European Union is hurting for natural gas at the moment, so that has a lot to do with what we are seeing. That being said, there has also been a serious slowdown of refining capacity in the Gulf of Mexico due to the recent hurricane. There is also a tropical storm floating around now, so at this point in time it is a bit of a “perfect storm” going forward. Nonetheless, chasing the trade is a great way to lose money so you need to see this market prove itself to the upside, or find value at much lower levels as mentioned previously.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

More From FXEMPIRE: