Natural Gas Price Forecast – Natural Gas Markets Continue to Hover

Natural Gas Price Forecast Video for 07.07.23

Natural Gas Technical Analysis

Natural gas markets have done very little during the Thursday trading session, while it looks as if we are simply going to see the market hang around and test the 50-Day EMA. The 50-Day EMA is an indicator that a lot of people pay close attention to, and it is going flat. All things being equal, the market looks as if it is range bound, and the fact that we are in the midst of the summer suggests that we will probably continue to see a lot of back and forth. Alternatively, the time of year is typically somewhat poor for natural gas, due to the fact that heating demand will be almost nonexistent.

That being said, it’s likely that we will continue to see a lot of noisy behavior, mainly because the Europeans will have to replenish their natural gas stocks to make sure that they have enough power and heating through the winter. Remember, as long as Russia is a pariah in the European Union, the Europeans will have a major issue when it comes to natural gas. Furthermore, the Europeans took the brilliant step of closing down the Groningen gas fields, making the situation even worse for themselves.

We have been trading between the $3.00 level above and the $2.00 level underneath, and I think that is essentially the “summer range.” I do think that we are in the midst of building up some type of accumulation phase, therefore a short-term pullback makes quite a bit of sense, and I think ultimately we have a situation where the market probably will continue to see plenty of buyers every time it makes a little bit of a dip.

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