Natural gas prices remained above support but were down on the session because of a mixed weather forecast, which means that heating demand will likely be
Natural gas prices remained above support but were down on the session because of a mixed weather forecast, which means that heating demand will likely be in a normal range for this time of year. The latest inventory report showed a larger than expected draw, and expectations are that inventories will continue to remain below the 5-year average range.
Momentum Remains Positive
Prices moved back above a downward sloping trend line that connects the highs in December 2016 to the highs in November of 2017, which comes in near 3.12. Support is seen near the 10-day moving average at 2.98. Resistance is seen near the weekly highs at 3.22. Momentum remains positive as the MACD (moving average convergence divergence) histogram prints in the black with an upward sloping trajectory which points to higher prices.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.