Natural Gas Weekly Price Forecast – Natural Gas Markets Have a Strong Week

Natural Gas Price Forecast Video for 15-01-2024

Natural Gas Weekly Technical Analysis

We initially plunged a bit during the week, but then turned around to show signs of life again in the natural gas markets. It looks like we are doing everything we can to break out of the $3.33 level, which is an area that offered a significant amount of resistance previously. Ultimately, I think this is a scenario where we may overshoot a little bit, but I don’t know how much further we have to go due to the fact that it’s so late in the season. Futures traders are already pricing February in and we’ll be rolling over to March, which is typically a time where you see demand drop quite a bit. With this, I think nat gas prices only have so far to go to the upside, at least at this point.

Signs of exhaustion will be more likely than I get sold into, but you may need to look at shorter term charts to do so. Underneath, I think the $2 level is the floor. We’re right around the top here, and one thing is for sure is if that storm ends up not being as bad as people thought, that will slam natural gas. I think this eventually happens, due to the fact that during the most important time of winter, we just could not take off. While we could have a short-term spike that exceeds where it’s likely that we see a lot of resistance, ultimately, this is a situation where we have so much overhead pressure that I think it’s only a matter of time before the short sellers start to take over again.

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