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Natural gas prices consolidated on Tuesday.
The weather is expected to be warmer than normal in the South.
U.S. Natural moving to Europe in the last 4-months.
On Tuesday, natural gas prices moved sideways after breaking out to fresh 13-year closing highs. According to the National Oceanic Atmospheric Administration, the weather is expected to be warmer than normal throughout most of the South for the next 6-10 and 8-14 days.
During the first four months of 2022, the United States exported 74% of its liquefied natural gas to Europe, compared with an annual average of 34% last year, according to the EIA Natural Gas Monthly and EIA estimates for April 2022. In 2020 and 2021, Asia had been the main destination for U.S. LNG exports, accounting for almost half of the total exports
Natural gas prices consolidated after rising 9% on Monday. Support is seen near the 10-day moving average of 8.78.
Short-term momentum remains positive as the fast stochastic generated a crossover buy signal. Prices are overbought as the fast stochastic is printing a reading of 87, above the overbought trigger level of 80.
Medium-term momentum is reversing and trying to turn positive as the MACD (moving average convergence divergence) histogram prints in negative territory with a rising trajectory which points to consolidation.
This article was originally posted on FX Empire