Natural gas prices moved lower on Monday, after jumping on Friday to fresh 2-week highs. Prices were buoyed as Hurricane Irma headed south toward the Gulf of Mexico. If the Hurricane stays on its current track, it could create shut-ins which would buoy prices. Cooler than normal weather is forecast to cover most of the east coast, which has been offset by record heat in the west coast, which is driving up cooling demand. In fact, San Francisco experienced record heat over the weekend.
Momentum is Neutral
Resistance on natural gas prices is seen near a downward sloping trend line that comes in near 3.10. Support on natural gas is seen near the 10-day moving average at 2.98. Momentum is neutral as the MACD (moving average convergence divergence) index prints near the zero-index level with a flat trajectory which reflects consolidation.