Natural gas prices moved lower losing 1.5%. Prices continue to remain volatile, as storms continue to threaten the United States Tropical storm Imelda was downgraded to a Tropical Depression and made landfall near the Texas Coast. Tropical depression number 10, was upgraded to Tropical Storm Jerry and is moving across the lower Atlantic, headed toward Florida. The path of the storms this year has been northwest to northeast which has kept most of the storms away from the Gulf of Mexico. Natural gas inventories are expected to rise by 83 Bcf on Thursday according to a survey conducted by Estimize.
Natural gas prices moved lower pushing down below is seen near the upward sloping trend line that comes in near 2.64, which is now seen as short-term resistance. Additional support is seen near the 10-day moving average at 2.58. Short term momentum is flat as the fast-stochastic moves sideways, with very little trajectory. The fast stochastic is chopping around generating multiple buy and sell signals. The current reading on the fast stochastic is near 84, above the overbought trigger level of 80, which could foreshadow a correction. The MACD (moving average convergence divergence) histogram is printing in the black with a declining trajectory which points to consolidation.
US LNG Exports Declined Week over Week
US LNG exports decrease week over week. Ten LNG vessels with a combined LNG-carrying capacity of 37 Bcf departed the United States between September 5 and September 11, according the EIA. Three vessels were loading on Wednesday.
This article was originally posted on FX Empire
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