Natural Gas Price Prediction – Prices Rebound Ahead of Inventory Report
Natural gas prices rebounded on Wednesday ahead of Thursday's Department of Energy's inventory report. According to the survey provider Estimize, a build of 76 BCF is expected. The weather is expected to remain mild, moving from warmer than normal to mild on the coasts across the country over the next 6 to 10 days and normal in the central part over the next 8 to 14 days. Hurricane Delta is en route to the Gulf of Mexico, where it is expected to land in Louisiana as a Category 3 or 4 storm on Friday. Approximately 20% of US natural gas was blocked due to the storm. LNG exports rose last week and demand increased slightly.
Natural gas prices closed higher on Wednesday, rising 3.3%. This resulted in a lower high and a lower low, which is generally a sign of a downtrend. Resistance is near the 10-day moving average at 2.63. Support is seen near the October lows at 2.37. The 10-day moving average recently exceeded the 50-day moving average, which means it is now on a medium-term downtrend. The momentum is neutral to positive. The RSI (Relative Strength Index) is moving up from oversold levels. The Moving Average Convergence Divergence (MACD) histogram is printed in the negative area with a rising trajectory, indicating a consolidation.
Rose exports LNG every week
US LNG exports rose week after week. Fourteen LNG ships with a combined LNG carrying capacity of 50 Bcf left the United States between September 24th and 30th, according to the Energy Information Administration.
This article was originally published on FX Empire
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