Natural Gas Weekly Price Forecast – Natural Gas Markets Give Up Half of Its Gains

Natural Gas Price Forecast Video for 24.04.23

Natural Gas Weekly Technical Analysis

Natural gas markets initially tried to rally during the trading week, but then gave back gains as we continue to see a lot of downward pressure. Ultimately, this is a market that is in a very bearish pattern, and even though the market has produced 2 green candlesticks in a row on the weekly chart, the market still has a huge negative pressure. Alternatively, if we do rally from here, it looks as if the $3.00 level then becomes your short-term ceiling, and I do think that we start to settle into the summer range that we quite often see.

That being said, you also have to look at this through the prism of whether or not we are trying to build a bit of a base, which is typical for this time of year, as demand will drop due to a lack of heating concerns in the northern hemisphere. However, another thing that you need to pay close attention to is the fact that industrial demand may be dropping quite drastically, so that also brings a little bit of negativity into the market.

That being said, the market is likely to continue to see a lot of questions asked about the global economy, and therefore it has a major influence on what we see on the charts. However, you also have to keep in mind that the markets will eventually get some type of boost from Europeans refilling their natural gas stocks, but we are sometime from that happening, so if you are a longer-term trader, you may look at this summer as a time to build up a “basing pattern.”

For a look at all of today’s economic events, check out our economic calendar.