Natural Gas Price Forecast – Natural Gas Markets Drift Lower

Natural Gas Price Forecast Video for 30-01-2024

Natural Gas Technical Analysis

Natural gas has been a little lost, if you will, at this point, but I do think we have a situation where buyers will come in and try to pick this up sooner or later, probably closer to the $2 level. I’m not a big fan of shorting this market anytime soon because quite frankly, this is a scenario where you’ll be a little bit late here. With this, I think you have to look at it through the prism of trying to find value maybe closer to the $2 level.

The $2.50 level I think is going to be a magnet for price, with $3 above being a significant barrier of resistance. All things being equal, I do think that it is probably only a matter of time before we try to get back to the highs but right now, it certainly looks like we have run out of momentum and therefore we’ll drift down here. Remember this is a market that is highly dependent on the latest weather forecast coming out of the northeastern part of the United States and that of course has a major influence as well. So, with all things being equal, I think you have to look unfortunately at a market that you can’t short, but you can’t really buy yet either because we have no bounce or price action to suggest that the buyers are coming back quickly.

With this, I’m just kind of in limbo here as we are trying to sort out what we are going to do next, which I do think eventually ends up being bouncing, but we don’t have enough momentum to make that follow-through at the moment.

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