Natural Gas Weekly Price Forecast – Natural Gas Continue Same Range

Natural gas markets have fallen again during the week but remain in the same range that they have been in for some time. By showing this weakness, they have simply carved out the bottom of the risk range yet again. The $2.50 level obviously offers a certain amount of psychological importance, and of course has offered structural support as of late. It is because of this that I think that the next candlestick will probably be green, reaching towards the $2.75 level.

NATGAS Video 05.10.20

Natural gas markets will see more demand going forward due to the seasonality and demand when it comes to cold temperatures, as we are trading the November contract. With that being said, I do believe that it is only a matter of time before this market reaches towards the $3.00 level. I am a buyer overall, and if we can break above the $3.00 level, the natural gas market should move another $0.50 given enough time.

On the other hand, if we break down below the candlestick then I will be looking to buy natural gas closer to the $2.10 level, maybe even the $2.00 level which is obvious psychological support. In general, this is a good time a year to be long of natural gas, and that is continuing to play out. At this point all we need is a nice cold snap in the northeastern part of the United States to get this thing going higher. One would think that it is only a matter of time before that happens but keep in mind that natural gas does tend to move quite a bit on short-term weather reports.

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