Natural Gas Weekly Price Forecast – Natural Gas Continues to Consolidate in a Basing Pattern

Natural Gas Technical Analysis

The natural gas market has fallen pretty significantly during the course of the week, but we still remain somewhat in the same range we’ve been in for a while. Ultimately, this is a market that has been very attracted to the $3 level, and it’s probably worth noting that $3, being a large, round, psychologically significant figure, does make a certain amount of sense. This is also a market that might get a lot of momentum based on the idea that the Europeans may be running a little short on energy

November Can Bring Change as Weather Cools

Ultimately, this is a market that is now trading the November contract, and we will start to think about the idea of perhaps colder temperatures coming to the United States, and that could drive up demand.

That being said, this is also a market that might get a lot of momentum based on the idea that the Europeans may be running a little short on energy, and if that ends up being the case this winter, then more liquefied natural gas will be exported out of the United States.

We are in that time of year where we start to think more along the lines of buying rather than selling, so I do like the idea of buying dips. But I also recognize that we’re not quite to that point of year yet where we start to see a lot of momentum.

We’re still in this massive basing pattern at the moment, and I don’t think that’s changed, at least not quite yet. Watching weather forecasts in the US will be a big part of strategy currently.

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