Natural Gas Price Analysis for July 17, 2017

Natural gas prices moved higher on Friday but was unable to push through resistance near a downward sloping trend line at 3.01. The number of active gas rigs decline this past week, helping prices remain buoyed. Warmer than normal weather is expected to cover most of the eastern portion of the United States over the next 8-14 days. Warmer than normal weather generally drive up cooling demand which in turn helps buoy natural gas prices.

Momentum Remains Positive

Short term support is seen near the 10-day moving average at 2.98. Additional support is seen near the July low at 2.83.  A break of the resistance trend line at 3.01 would lead to a test of the June highs at 3.11. 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.