Natural Gas Weekly Price Forecast – Natural Gas Fills The GapNatural gas markets fell hard during the course of the week, reaching down towards the $2.85 level, filling a gap on the daily charts. We are still in uptrend.
Natural gas markets have fallen rather hard during the course of the trading week, reaching down towards the $2.87 level, but there is a short-term gap still has a little further to go on the daily chart to be filled. Ultimately, this is a market that should show plenty of support just below, and I do believe that the daily chart filling the gap will be your cue to start going long again. The weather in the United States is post be one for the next week or so, and that tends to be devastating for this market as it is so short-term focused.
NATGAS Video 09.11.20
That being said, there should be plenty of support just underneath, and I do think that eventually we will get an opportunity to go long again. The market tends to rally into the new year, due to more demand. Once we get past New Year’s Day though, then we start to focus on March contract, and that means that temperature readings in the United States will go higher, and therefore demand will drop. Ultimately, we eventually get to a high enough price that supplier start to flood the market with inventory as well, because they have been taking a beating for a while now.
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This in and of itself will keep a certain amount of a lid on this market, and I think it really comes down to the time of year you are trading. Right now, we are trying to go higher, but that does not mean it will be easy.
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