Natural Gas Price Analysis for September 13, 2017

Natural gas prices perked up as warmer than normal weather is forecast to cover most of the eastern portion of the United States for the next 8-14 days.  Demand has been subdued as electricity has been sparse in Florida following the outages caused by Hurricane Irma.

Momentum on Natural Gas is Neutral

Prices shot up to 3.043, but were unable to hold above the 3-handle into the close, and close up 1.6% at 2.997. Resistance is seen near the September highs at 3.088.  Support is seen near the 10-day moving average at 2.98. Momentum on natural gas prices is neutral as the MACD (moving average convergence divergence) histogram is printing near the zero-index level with a flat trajectory which reflects consolidation. The relative strength index (RSI) is printing a reading of 52, which is in the middle of the neutral range and reflects consolidation.