Natural Gas Price Analysis for September 4, 2017

Natural gas prices moved higher on Friday, climbing 0.82%, as traders focus on the weather.  Hurricane Irma is now making its way through the southern Atlantic and could be heading for the Gulf of Mexico. On the heal of Hurricane Harvey, this storm could be catastrophic. Warmer than normal weather is forecast to cover most of the western portion of the United States increasing cooling demand as the summer comes to an end.

Prices Push Higher

Prices pushed through trend line resistance near 3.0, and are poised to test target resistance near a downward sloping trend line that comes in near 3.10. Support is seen near the 10-day moving average at 2.98. The relative strength index (RSI) which is a momentum oscillator that measures accelerating and decelerating momentum, moved higher in tandem with price action reflecting accelerating positive momentum.