Natural Gas Price Forecast & Predictions

October natural gas opened the week higher, giving buyers the short-term edge, but the main trend remains down. A trade through $3.026 changes the trend to up and puts the $3.044 to $3.133 retracement zone in play. Buyers need to hold $2.847 to $2.805 support. A break through $2.668 reaffirms the downtrend. The 52-week moving average is $3.472 above the market.

Southern heat, strong LNG feedgas and restricted Qatari cargoes are giving natural gas buyers a reason to step in. Feedgas recently reached 19.6 Bcf per day as Europe and Asia compete for U.S. supply. The bearish side is high production and storage near 5% above the five-year average. Milder weather or a large build would bring sellers back into control.

The bullish case strengthens if Thursday’s storage report shows a build under 30 Bcf, heat holds across the South and LNG feedgas stays above 19 Bcf per day. That would show demand is cutting into the surplus. The bearish case gains strength if weather turns mild, LNG flows weaken or the build comes in above 35 Bcf again this week.