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Natural gas prices moved higher on Tuesday rising for the second consecutive trading session. The weather is expected to be warmer than average throughout the North East for the next 6-10days and then moderate slightly but remain normal throughout most of the country. There is one disturbance with a 10% chance to become tropical cyclones in the Atlantic or Gulf of Mexico over the next 48-hours. Total supplies of natural gas have increased week over week.
Natural gas prices were higher on Tuesday increasing on the weather forecast. Support is seen near the 10-day moving average of 3.99. Resistance is seen near the July highs at 4.19. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. Medium-term positive momentum is negative as the MACD (moving average convergence divergence) generated a crossover sell signal. This occurs when the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line.
According to the EIA, the total supply of natural gas rose slightly this week. The average total supply of natural gas rose by 0.2% compared with the previous report week. Dry natural gas production decreased by 0.4% compared with the previous report week to average 92.6 billion cubic feet per day. Average net imports from Canada increased by 11.1%, or 1.0 Bcf per day from last week.
This article was originally posted on FX Empire