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

Natural Gas Price Forecast Video for 22.05.23

Natural Gas Weekly Technical Analysis

Natural gas markets have rallied rather significantly during the trading week. At this point, the market looks as if it is trying to find the top of the overall summer range, so that might be something worth paying attention to. With that being the case, it’s probably worth also noting that the $3.00 level above more likely than not will offer a bit of resistance.

In fact, I think that we could be trying to carve out a range between $2.00 and $3.00 for the summer. The market was oversold, so to see it bounce a bit from here would not be a huge surprise. However, keep in mind that demand for natural gas is going to be somewhat stagnant at the moment, as we are now in a warm part of the year. Furthermore, there are concerns about global growth slowing down, and if that’s going to be the case then natural gas will probably drop. Ultimately, this is a situation where signs of exhaustion will probably get sold into, but if we do break above the $3.00 level, we may extend toward the $3.50 level.

When I look at this chart, it’s obvious to me that the trading environment is one that suggests we are trying to put things together for stability, and that the market had been so oversold that the bounce that we have seen over the last couple of weeks was inevitable at one point or another. Whether or not natural gas is something I want to own is a completely different question, but clearly it will be a great trade later this summer as the Europeans will have to replenish their storage.

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