Natural Gas Slides but Climbs for the WeekSupplies rise in the latest week
Natural Gas prices moved lower on Friday, closing the week up 7%. The weather is expected to be colder than normal throughout the southeast for the next 6-10 and 8-14 days which should increase heating demand. There is one store in the Atlantic with a 40% chance of turning into a tropical cyclone but, it’s unlikely to impact any natural gas installations. Natural gas supplies rose in the latest week.
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Natural gas prices moved lower and closed near the session lows, but still notched up gains for the week. Prices are hovering near the 10-day moving average which is seen as resistance near 2.87. Support is seen near the November lows at 2.65 on the January contract. Short-term momentum has turned negative as the fast stochastic generated a crossover sell signal. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) generated a crossover buy signal.
Natural gas supplies increased in the latest week. Supply rises. The average total supply of natural gas rose by 4.2% compared with the previous report week. Dry natural gas production grew by 2.5% compared with the previous report week and reached a high of 91.6 Bcf/d on November 18, the highest level of production since April. Average net imports from Canada increased by 47.8% from last week, with higher imports at border crossing points in the Midwest.