Natural Gas Price Forecast – Natural Gas Markets Have Quiet Holiday Session

Natural Gas Price Forecast Video for 17.01.23

Natural Gas Technical Analysis

Natural gas markets gapped higher to kick off the Monday session, but it should be kept in the back of your mind that it was Martin Luther King Jr. Day in the United States, so the hours were somewhat limited, and a lot of traders were probably far from their desks. With this in mind, it does make a certain amount of sense that we didn’t really go anywhere by the time it was all said and done, but I also recognize that the market is in the process of trying to form some type of bottom anyway, so I do like the idea of fading rallies if we ever get that opportunity.

The natural gas markets will probably see another boost sooner or later due to a cold snap, but it’s worth noting that winter has been relatively mild in both the United States and the European Union, which has had a lot to do with why the market has fallen. Furthermore, capacity is much stronger than it once was, as Freeport has reopened in Texas. With all this being the case, I suspect that we probably have one more spike in this market, but I also believe that it might be difficult to break above the $5.00 level.

I have no interest in buying this market, although I do fully anticipate that we will see a brutal move to the upside sooner or later. With that being the case, it’s a simple matter of waiting for an overbought condition that I can take advantage of. If we break down below the bottom of the last couple of candlesticks, then we could go down to the $3.00 level.

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