Natural Gas Weekly Price Forecast – Natural Gas Markets Have Bullish Week

Natural Gas Price Forecast Video for 19.06.23

Natural Gas Weekly Technical Analysis

Natural gas markets have rallied rather significantly during the course of the trading week, as we are broken above the $2.50 level. Looking at this chart, it looks as if we are still very much in the same range, between the $2.00 level underneath, and the $3.00 level above. Ultimately, the market is trying to price in some type of bottom, and I do think that given enough time we will probably have to face the fact that the European Union will have to come back into the market and lift pricing due to the fact that they need natural gas heading into the fall.

The Groningen natural gas fields are shutting down, and that’s going to exacerbate the problem in the European Union as Russian gas is now off-line. With that being said, it’s very likely that we have a situation where the market will continue to be very choppy and noisy, but I think as we had through the summer, there will be more longer-term traders willing to buy natural gas, as the European Union will desperately need to refill natural gas stocks.

The war in Ukraine is going nowhere, and therefore it’s very likely that this winter will be just as bad as the previous one, or at least close to it. Yes, the Americans have the ability to provide more LNG than the beginning of last year, but it would not surprise me at all to see this market go looking to the $5.00 level before it is all said and done. That being said, you don’t necessarily have to jump in right away, but short-term dips might end up providing nice investment opportunities.

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