Natural Gas Price Prediction – Prices Rebound on Colder Weather Forecast1-storm is brewing in the Atlantic
Natural Gas prices moved higher on Monday, rebounding 2.72%, as colder than expected weather is expected to cover most of the south for the next 2-weeks. There is one storm in the Atlantic that has a 10% chance of turning into a tropical cyclone but it’s not expected to impact any natural gas infrastructure. Demand rose in the latest week.
75% of retail CFD investors lose money
Natural gas prices moved higher on Monday and are poised to test the 10-day moving average at 2.80. Support is seen near the November lows at 2.52. The RSI turned higher, reflecting decelerating negative momentum. Medium-term momentum is negative to neutral as the fast stochastic is printing in the red with a rising trajectory which points to consolidation.
Natural Gas Demand Rising
Demand rises because of heating demand in buildings. Total U.S. consumption of natural gas rose by 22.8% compared with the previous report week, according to data from the EIA. Natural gas consumed for power generation rose by 2.6% week over week. In the residential and commercial sectors, consumption climbed by 81.9% with temperatures across the Lower 48 states generally averaging between 40 and 60 degrees Fahrenheit. Industrial sector consumption increased by 5.8% week over week.