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Natural Gas Weekly Price Forecast – Natural Gas Continues to Digest Huge Run Higher

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Natural gas markets have gone back and forth during the course of the trading week to show signs of hesitation, as we may have gotten far too ahead of ourselves. The shooting star from the previous week of course is a negative sign, but the fact that we broke down through it and then turned around shows that we are more likely than not going to continue to grind away in the $5.50 region. Underneath, I see the $5.00 level as a major support level, just as I see the $6.00 level above as resistance. In other words, I think we are going to continue to grind sideways until we either get momentum, or some type of fundamental news that helps us move.

NATGAS Video 18.10.21

Natural gas markets have been running higher due to a lack of supply, but at this point in time it should be noted that the markets are starting to see a little bit of a build, and as a result we probably have some work to do. If we were to break down below the $5.00 level, it will more than likely only end up being a buying opportunity as we head into the colder months for the northern hemisphere. Obviously, that will bring demand up in places like the United States and Europe, but it should be noted that this contract is specifically for North America. Because of this, the pricing at much lower than in places like the Netherlands. In fact, it is as much is six times lower.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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