Natural Gas Weekly Price Forecast – More Punishment For Natural Gas This Week

Natural Gas Price Forecast Video for 19-02-2024

Natural Gas Weekly Technical Analysis

You can see that the natural gas markets did try to rally at the beginning of the week and even touch the $2 level. We have given that area up and the previous support at the $2 level has turned into resistance. At this point, it looks like we’re going to try to get down to the $1.50 level, which is astonishing.

But at this point in time, I do think that longer term investors are going to start to look for setups. Quite frankly, on a hammer or something like that, I might be willing to buy an ETF based around natural gas. I certainly wouldn’t go into the futures market. It’s far too volatile and expensive, but it could become a nice long term trade. If we break down below $1.50, then you have to ask questions about when do drillers simply walk away?

There’s no point in drilling natural gas if you’re going to lose money doing so, and we are at that point. So, I think we’re getting close to the bottom. We’re not there yet. And it’s probably going to be a process. It will probably take some time. So, keep that in mind as well. With that being the case, you certainly can’t sell it at this point. If you sold natural gas at $2, you’re much braver than I am because sooner or later you run out of people to sell to in this market.

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