Natural Gas Price Prediction – Prices Move Higher and Continue to Search for a Bottomprices surge nearly 10% for the week
Natural gas prices moved higher on Friday and settled up nearly 10% for the week. This comes despite a smaller than expected draw in natural gas inventories and warmer than normal weather that is scheduled to cover most of the northeast. Inventories are 11% lower than the 5-year average for this time of year, but prices are nearly 29% below the 5-year average price for this time of year. US LNG exports declined week of week which reflects slowing export demand.
Natural gas prices moved higher on Friday, bouncing from support near the 10-day moving average at 1.82. Resistance is seen near the March highs at $2 per MMBtu. Momentum is flat to neutral. The fast stochastic has whipsawed making consecutive buy and sell signals which point to consolidation. Medium-term momentum is neutral as the MACD histogram is printing in the black with a flattening trajectory which points to consolidation.
LNG Exports Slip
US liquefied natural gas exports decrease week over week. Fourteen LNG vessels with a combined LNG-carrying capacity of 51 Bcf departed the United States between March 5 and March 11, 2020, according to shipping data compiled by the EIA. One vessel was loading at the Cameron terminal on Wednesday.