Natural Gas Weekly Price Forecast – Natural Gas Markets Have Explosive Move

Natural gas markets have been strong due to the heatwave that has been going on in the United States, as we have seen so much in the way of record-breaking heat. There has been the so-called “heat dome” sitting on top of America, which of course means that he just sits there, and it does not go away. This has been driving prices higher for quite some time, but now we have the added bonus of a hurricane coming towards the Louisiana finery’s, which will bring down capacity as far as the final product is concerned. With this being the case, it is very likely that we would see further pressure, but as you will remember, I had been suggesting a target of $4.40. At this point, we just hit that target.

NATGAS Video 30.08.21

The next major barrier of course is the $4.50 level, and it is worth noting that maybe we are just a bit overbought due to the explosive move towards the end of the week, but short-term pullbacks will almost certainly attract a certain amount of buying due to value hunters trying to get back into the market. The $4.00 level course offers a certain amount of psychological importance and support as well, so I do think that the market will have a little bit of a “floor” in that general vicinity. In the short term, I anticipate that we probably go higher on each pullback, but sooner or later we have to come to grips with the fact that maybe the market has gotten a bit ahead of itself. Right now, that is not a concern now and it certainly looks as if we have further to go.

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