Natural Gas Price Prediction – Prices Slip Ahead of Inventory NumbersInventories are expected to decline by 131 Bcf
Natural gas prices moved lower on Wednesday ahead of the Energy Department report on inventories. Warmer than average weather forecast to cover most of the U.S. over the next two weeks. On Thursday, the Energy Department will release its inventory report. Expectations are for a 131 Bcf draw in stockpiles according to survey provider Estimize. U.S. exports rose to a new record in December
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Natural gas prices moved lower on Wednesday, consolidating the recent gains. Prices moved back below support, which is now resistance near the 50-day moving average at 2.77. Target resistance is seen near the late November highs near 2.98. Medium-term momentum remains positive as the MACD (moving average convergence divergence) histogram prints in the black with an upward sloping trajectory, which points to higher prices. The RSI turned over, reflecting consolidation.
Exports Rise to Record Highs
U.S. exports of liquefied natural gas set a new record in December after a record-breaking November 2020, averaging 9.8 billion cubic feet per day. In December, U.S. LNG exports were more than three times higher than the reduced export levels in the summer of 2020.