Natural gas prices moved lower on Friday as the potential demand could decline if Hurricane Harvey slams into Houston. This comes despite a decline in the number of active gas rigs. The number of active oil and gas rigs in the United States fell this week by 6 rigs. The number of oil rigs in the United States decreasing by 4 and the number of gas rigs decreasing by 2.
Momentum is Neutral
Prices slid through support near the 10-day moving average which is now seen as resistance at 2.93. Support is seen near the August lows at 2.76. Positive momentum is decelerating as the MACD (moving average convergence divergence) index prints in the black, but the MACD histogram is moving lower with a downward sloping trajectory which points to consolidation.