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Natural Gas Price Prediction – Prices Slip ahead of Inventory Report

David Becker
·1 min read

Natural gas prices moved lower on Wednesday ahead of Thursday’s inventory report from the Department of Energy. Expectations are for a 113 Bcf draw in natural gas stockpiles according to survey provider Estimize. The weather is expected to be warmer than average throughout most US for both the 6-10 and 8-14 day forecasts. Supply also fell in the latest week.

Technical Analysis

Natural gas prices moved lower on Wednesday ahead of Thursday’s inventory report. Prices held above support near a horizontal trend line that comes in near 4.41. Resistance is seen near the 10-day moving average at 2.57. Medium-term momentum has turned negative as the fast stochastic generated a crossover sell signal. Short-term momentum is neutral as the fast stochastic consolidates near the 30-level after whipsawing between buy and sell signals.

Supply Falls

The average total supply of natural gas fell by 0.1% compared with the previous report week. Dry natural gas production grew by 0.5% compared with the previous report week, according to the EIA. Average net imports from Canada decreased by 8.4% from last week, but imports from Canada reached the highest daily level—6.5 Bcf/d on December 16, the day before the Nor’easter—since February 2020.U.S.

This article was originally posted on FX Empire

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