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Natural Gas Price Prediction – Prices Edge Higher Sliding Above Resistance

David Becker
·1 min read

Natural gas prices edged higher but remain rangebound and continue to consolidate. The weather is expected to warmer than normal for the next 2-weeks throughout most of the mid-west and the east coast reducing heating demand. The EIA estimates that US LNG exports hit a record in November.

Technical Analysis

Natural Gas prices edged higher edging above a downward sloping trend line that comes in near 2.69. Support is seen near the December lows at 2.40. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. The MACD histogram is printing in positive territory with an upward sloping trajectory which points to higher prices. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal.

LNG Exports Surge in November

EIA estimates that the United States exported 9.4 Bcf per day of LNG in November, which was the most for any month on record. International spot and forward LNG prices continued to increase in late November, supported by reduced global LNG supply because of outages at LNG export plants in several countries and reported congestion at the Panama Canal, which affected westbound U.S. LNG exports to Asia. EIA expects LNG demand to continue increasing.

This article was originally posted on FX Empire

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