Natural Gas Price Forecast – Natural Gas Drops After Lack of Winter Storm

Natural Gas Price Forecast Video for 09-01-2024

Natural Gas Technical Analysis

Looking at the natural gas markets and you can see that the natural gas markets got absolutely hammered during the Monday session. And this is not a huge surprise because quite frankly, that horrible winter storm that was supposed to be coming this weekend never showed up. So this is the game you’re playing when you’re trading natural gas. You’re worrying about weather in the northeastern part of the United States, which is very unpredictable this time of year.

At this point, it looks like the $3 level has offered a significant barrier, and as such one would assume that the market is going to continue to pay attention to it. Furthermore, we also have the 200-day EMA offering a bit of a barrier, although as I record this, it does look like the 50-day EMA underneath might be support.

Either way, it’s going to continue to be a very noisy market, and as I’ve said previously, I do think that we’re settling into some type of range for the year. The $2 level on the bottom is the absolute floor, and somewhere around $3.33 I think is your absolute ceiling. $3 of course is an area that people will pay attention to from a psychological standpoint. So, with all that being said, it’s not a huge surprise that we’ve pulled back. I do think that we could very easily drift a bit lower, maybe back towards $2.50, but if we were to take out the $3 level to the upside, it could in theory open up a move to the $3.33 level.

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