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Now that seasonal demand has lightened and buyers have for the most part hedged their purchases and sellers, their production, Natural Gas futures may become range bound. The long-term technical picture appears to be forming a support base, but due to the large number of shorts still in the market, it may take several more months of sideways action before an actual meaningful rally takes place.
This week's natural gas report on Thursday is expected to show an increase in inventory since demand has been light due to the fact that summer is over and the colder weather has not started yet in the U.S. Because of this, the market is likely to move sideways to lower over the near-term. Since natural gas is primarily used domestically, a weaker U.S. Dollar should have little or no impact on prices.