Meantime, while we wait for an update on Nomgon, the price of gas continues to rally.........Natural Gas Price Prediction – Prices Rise
Forming Bull Flag PatternTheweather is expected to remain warmer than normal
Aug 07, 2020 06:47PM GMT
Natural gas prices rebounded onFriday rising 3% and forming a bull flag continuation pattern which is a pausethat refreshes higher. Prices were up a robust 24% for the week. The weather isexpected to remain warmer than normal for the next 6-10 and 8-14 days accordingto NOAA. There is one disturbance in the Atlantic that has a 10% chance of becominga tropical cyclone according to NOAA. The U.S. rig count fell by four to anall-time low of 247 in the week to August 7, according to from energy servicesfirm Baker Hughes Co going back to 1940.
Technical Analysis
Natural gas prices rallied 3% forminga bull flag pattern which is a continuation pattern that will likely refresh.The 10-day moving average crossed above the 50-day moving average which meansthat a short-term uptrend is now in place. Short-term momentum has turnedpositive as the fast stochastic generated a crossover buy signal. The currentreading on the fast stochastic is 92, above the overbought trigger level of 80,which could foreshadow a correction. Medium-term momentum remains positive asthe MACD (moving average convergence divergence) histogram prints in the blackwith an upward sloping trajectory which points to higher prices.
Supply declines
The average total supply of naturalgas fell by 0.2% compared with the previous report week according to the EIA.This decline was driven by a decrease in dry natural gas production of 0.7%compared with the previous report week. Average net imports from Canadaincreased by 10.0% from last week.
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