Natural Gas Weekly Price Forecast – Natural Gas Markets Stagnant for the Week

Natural Gas Price Forecast Video for 17.07.23

Natural Gas Weekly Technical Analysis

Natural gas markets have rallied a bid during the trading week, only to turn around and show signs of hesitation. Ultimately, this is a market that I think will eventually turn things around, but it could take some time. After all, the Europeans will be doing everything they can to replenish their natural gas stocks, especially as we head into winter. The Russians no longer can provide the natural gas that they need, so it’s only a matter of time before this market rallies a bit. That being said, I anticipate a lot of noisy behavior, and the $3.00 level above is a major barrier to watch. If we were to break above that level, then we could really start to take off to the upside.

Underneath, the $2.50 level will be an area of short-term support, and if we were to break down below there, we could really open up a move lower. In that scenario, we could go as low as $2.00 level, which I see as the “floor in the market” currently. All things being equal, this is a situation where the market will probably continue to bang around in this area, so a little bit of patience will probably go a long way. Longer term though, I do think that we break above the $3.00 level, and start to take off toward $4.00 level, possibly even as high as $5.50 over the long term.

Keep in mind this time of the year does tend to be very range bound, so the price action is exactly what you would expect. In general, I think we are just simply seeing the summer range come into play, but given enough time we really could see an explosive move to the upside.

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