Forecasts

Natural Gas Technical Report for February 20, 2017

last monthByDavid Becker

Natural gas prices rebounded slightly on Friday, but pressure remains as the weather across most of the United States is expected to be warmer than normal over the next 8-14 days according to the Natural Oceanic Atmospheric Administration.  Warm weather erodes heating demand and during the winter this is negative for natural gas demand.  Additionally, the EIA reported this week a smaller than expected build in natural gas inventories which generated negative momentum.

Prices are poised to test support near the November lows at 2.825.  Resistance is seen near the  10-day moving average at 3 per mmbtu.  The RSI (relative strength index) is printing near 34, just above the oversold trigger level. Momentum remains negative as the MACD is printing in the red with a downward sloping trajectory which points to lower prices.

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