Natural Gas Price Forecast – Natural Gas Markets Continue To StruggleNatural gas markets tried to rally during the trading session on Thursday but gave back all of the gains as the inventory number isn’t exactly impressive. With this being the case we are pressing support yet again.
Natural Gas markets continue to be very noisy, showing signs of exhaustion as it rally. However, there is a ton of support underneath so quite frankly this is a market that probably needs to be left alone at this point, as it has nowhere to be. A break down below the $2.20 level could open up the door down to the $2.00 level where we could reset and look for buyers again. We are in the time of year where eventually the buyers come back, but it’s obvious they are ready to do so yet. With that in mind, this market will have no real directionality as it is at extreme lows and everybody already knows there’s too much natural gas in the world. Quite frankly, there’s no reason to express a negative viewpoint.
NATGAS Video 11.10.19
A break above the top of the candle stick for the trading session on Thursday could be a bullish sign and could have traders jumping into the marketplace, but right now I do not anticipate that happening with any type of gusto, as the world is currently paying attention to the US/China trade talks, which has an effect on every market in every direction. Rumors continue to persist, making trading almost impossible at this point. As long as that’s going to be the case, you need to stay out of the less liquid markets like natural gas and stick to heavier traded markets such as currencies. Natural gas is probably a “no touch” until next week.