Natural Gas Weekly Price Forecast – Natural Gas Markets Continue to Trade in the Same Range

Natural Gas Price Forecast Video for 26.06.23

Natural Gas Weekly Technical Analysis

Natural gas markets have gone back and forth during the course of the trading week, as we are hanging right around the $2.50 level, which is basically in the overall consolidation range between the $2.00 level and the $3.00 level. Because of this, I think you continue to see a lot of back and forth and therefore I think you’ve got a situation where you look at short-term pullbacks as a potential buying opportunity. However, whether or not we can break out for a significant move remains to be seen, but it does look like we are trying to form some type of basing pattern over the last couple of months, so we will have to wait and see whether or not we can continue to find enough buyers to push this market to the upside.

I do think that by the time we get toward the end of summer, natural gas will break above the $3.00 level, opening up a move toward the 50-Week EMA. Keep in mind that the Europeans have to come back into the market and buy more natural gas, due to the fact that they don’t have the Russians to get gas from anymore. This will drive up the demand, and therefore I do think it’s only a matter of time. However, this time of the year is typically somewhat quiet for natural gas as heating demand falls off of a cliff, although the occasional heat wave in the United States can push prices higher temporarily. There is also the concern about a lack of industrial demand, but ultimately I think this is a situation where we will eventually break out. Because of this, I prefer buying on dips, but more likely than not I am going to be doing it on the daily chart.

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