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Natural Gas Price Prediction – Prices Rise Despite Warm Weather Ahead of Inventory Report

David Becker
·1 min read

 

Natural gas prices moved higher on Tuesday despite a normal to warmer than normal weather forecast that will not likely help demand. Prices appear to be moving higher in sympathy with oil prices. On Thursday, the Energy Department will release its inventory report. Expectations are for a 131 Bcf draw in stockpiles according to survey provider Estimize. U.S. LNG exports declined week over week.

Technical Analysis

Natural gas prices moved higher on Tuesday but closed off the highs of the trading session. Prices recapture resistance, which is now support near the 50-day moving average at 2.77. Resistance is seen near the late November highs near 2.98. Medium-term momentum remains positive as the MACD (moving average convergence divergence) histogram prints in the black with an upward sloping trajectory which points to higher prices. The RSI also broke out hitting the highest level since October which reflects accelerating positive momentum.

LNG Exports Decline

U.S. LNG exports decrease week over week. According to the EIA, Twenty one LNG vessels with a combined LNG-carrying capacity of 77 Bcf departed the United States between December 31, 2020 and January 6, 2021.

This article was originally posted on FX Empire

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