Natural Gas prices moved lower on Friday, testing trend line support, as declining commodity and stock prices weigh on nearly every asset. Prices are
Natural Gas prices moved lower on Friday, testing trend line support, as declining commodity and stock prices weigh on nearly every asset. Prices are testing an upward sloping trend line near 1.67, and a break would lead to a test of the July lows at 2.60. Momentum has turned negative with the MACD (moving average convergence divergence index generating a sell signal.
As the calendar moves into Hurricane season, investors appear unwilling to sell natural gas as they fear news of a supply disruption could lead to a spike in prices. Inventories are currently at the 5-year average while prices are more than $1 a MMTBU below the 5-year average.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.
