Natural Gas Price Analysis for September 21, 2017

Natural gas prices moved lower on Wednesday ahead of Thursday report from the Department of Energy on natural gas inventories. Prices declined 0.61%, moving back down to the breakout level which was seen on Monday. Hurricane Maria, is not expected to move into the Gulf of Mexico which should alleviate some of the tensions felt by natural gas traders.

Momentum on Natural gas is Positive

The weather in the United States is expected to be normal, and since September is a shoulder month, this type of weather is neutral for prices. Support is seen near the breakout level near a downward sloping trend line at 3.10. Resistance is seen near the weekly highs at 3.166. 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.