Natural Gas Price Forecast – Natural Gas Markets RallyNatural gas markets rally during the trading session on Thursday again, using the $2.40 level as a bit of a base. Beyond that, we are bouncing from a significant trendline.
Natural gas markets rally during the trading session on Thursday, as the market got a somewhat in line number when it comes to storage. That being said though, we have several winter storms heading into the United States, and that of course will drive up demand for natural gas to heat homes. At this point in time it’s very likely that we will continue to see a lot of noisy and obnoxious trading. The 50 day EMA above will be a resistance barrier, just as the 200 day EMA will. If we were to break above there, the market probably then goes looking towards the $3.00 level. Ultimately, I think that this is a market that continues to be very noisy, but I also think that it should be bullish due to the fact that it is that time of year.
NATGAS Video 06.12.19
Over the next couple weeks, we should continue to see the natural gas markets grind higher but there will be the occasional pullback. Whether reports of course will remain very crucial when it comes to trading this market so keep that in mind. It is difficult to trade upon the weather reports, as they do tend to be very erratic but at this point you should recognize that there is much more risk to the upside than down. At this point, the market certainly seems like it will be very choppy to the upside, but I do favor buying pullbacks in order to take advantage of value as it occurs. If we were to break down below the uptrend line though, that could change quite a bit in this market.
Please let us know what you think in the comments below