Natural Gas Weekly Price – Natural Gas Continues to Languish Near The Lows

Natural Gas Price Forecast Video for 05-02-2024

Natural Gas Weekly Technical Analysis

You can see that the weekly chart continues to look very soft and it does appear that we are going to test the $2 level rather seriously, which is an area that will attract a lot of attention. In other words, now we are starting to dig in to major support back from 2020. I think at this point, it is probably only a matter of time before we get a little bit of a balance. All things being equal, this is a market that range bound traders love, but if you are going to trade from a short-term perspective, you need to be cognizant of the weather patterns in the northeastern part of the United States and be up-to-date on all weather forecasts. Furthermore, you need to understand the idea of transmission through the North American continent, and supply as well.

But let’s look at it this way. The winter is over, so there’s not a whole lot to push natural gas higher, at least in the short term. Ultimately, I do think you have a situation where traders will pick up a little bit of value or perhaps a little short covering happens, but I think there is a feeling at the $3 level that a lot of traders will continue to have to pay close attention to. Ultimately, longer term traders are probably going to find this to be a range bound market with some type of oscillator, like it’s the stochastic oscillator perhaps leading the way so that you can place back and forth trades that last perhaps a few weeks at a time.

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