Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
David Becker


Natural gas prices whipsawed initially moving lower, breaking down through support and the jerking higher to close near the open. Storms continue to brew in the Gulf of Mexico. Tropical depression number 22 has now formed. Storms in the Gulf of knocked out approximately 25% of the natural gas that is produced in the Gulf of Mexico and nearly 50% of the oil. Hurricane Teddy has been upgraded to a category 3 storm but is not expected to hit US natural gas installations. Tropical storm Wilfred has formed in the Atlantic Ocean and is on a path to hit the United States.

Technical Analysis

Natural gas prices whipsawed on Friday, moving lower and testing support near an upward sloping trendline that comes in near 1.97. Resistance is seen near the 50-day moving average at 2.26. The 10-day moving average is poised to cross below the 50-day moving average which would mean that a medium-term downtrend is now in place. Short term momentum continues to whipsaw as the fast stochastic generated a crossover buy signal in oversold territory. The current reading on the fast stochastic is 16, below the oversold trigger level of 20 which could foreshadow a correction.


Rig Count is Static

Baker Hughes reported on Friday that the natural gas rig count increased by 2. The number of oil rigs in the United States fell by 1 to 179. The total number of active oil and gas rigs increased for the week by 1, with oil rigs falling by 1 and gas rigs increasing by 2. Total oil and gas rigs in the United States are now down by 613 compared to this time last year.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.