Our expectations point to more ascent for natural gas during its upcoming trading.

Spot natural gas prices (CFDS ON NATURAL GAS) rose in their recent trading at the intraday levels, to achieve strong daily gains until the moment of writing this report, by 3.60%. It settled at the price of $8.770 per million British thermal units, after rising by 1.43 during trading on Friday. %. During the last week, the price decreased by -1.84%.

The commodity’s gains come despite a negative storage report released last Thursday by the US Energy Information Administration. Inventories left 15.1 percent below the five-year average.

Long-term forecasts from the Local Weather Service report temperatures that are cooler than seasonal temperatures in the Midwest and Northeast of the United States over the next 6 to 14 days, reducing demand for cooling.

Meanwhile, Texas power demand is set to break an all-time record this week, ahead of the hottest days of summer, testing the state’s power grid resilience after problems earlier this year and blackouts for days of the year.

Technically, natural gas is preparing for its recent rise to attack the pivotal resistance level 8.870. It is in complete control of the main bullish trend in the medium and short term along a slope line, as shown in the attached chart for a (daily) period. The positive pressure is continuing to trade above its simple moving average for a period of the previous 50 days. We notice the beginning of a positive crossover on the RSI indicators, after reaching oversold areas.

Therefore, our expectations point to more ascent for natural gas during its upcoming trading, but provided that it first breaches the resistance level 8.870, to confirm to us its intention to continue rising, after which it will target the first resistance levels at 9.550.

Our expectations suggest that natural gas will rise during its upcoming trading.

Spot natural gas prices (CFDS ON NATURAL GAS) settled on a rise in their recent trading at intraday levels, to record slight daily losses until the moment of writing this report, by -0.32%. It settled at the price of $8.670 per million British thermal units, after rising sharply during trading. Yesterday, it increased by 6.10%.

Denmark’s largest energy company said Russia cut off its gas supplies on Wednesday because it refused to pay in rubles, the latest escalation over European energy amid the war in Ukraine. Russia had previously halted natural gas supplies to Finland, Poland, and Bulgaria for refusing to request payment in rubles, and on Tuesday it shut down supplies to the Netherlands.

The Danish Energy Agency said that in the first 18 weeks of 2022 Russian gas accounted for nearly 25% of gas consumption in the European Union. The agency said Denmark’s loss of supplies would not have immediate consequences.

Before that, European Union leaders agreed on Tuesday to cut about 90% of all Russian oil imports over the next six months. The 27-nation conglomerate depends on Russia for 25% of its crude oil and 40% of its natural gas.

Meanwhile, the United States exported 7.29 million tons of liquefied natural gas last month, the second highest level ever, with sales expanding to Europe and South America. The United States is on track to become the world’s largest exporter of liquefied natural gas this year, with Australia and Qatar leading as producers work to boost liquefaction capacity.

Technically, the price regained its activity as a result of the stability of the support level 8.054, which gained it some positive momentum. It is prepared now to attack the pivotal resistance level 8.870, in complete control of the main bullish trend in the medium term along a slope line. The positive pressure is continuing to trade above its 50-day simple moving average previously. We notice the influx of negative signals on the RSI indicators, which might curb the commodity’s gains in its upcoming trading.

Therefore, our expectations suggest that natural gas will rise during its upcoming trading, but on condition that it first breach the pivotal resistance level 8.870, to confirm its intention to continue rising, to target the resistance level 9.550.

We expect more rise for natural gas during its upcoming trading.

Spot natural gas prices (CFDS ON NATURAL GAS) rose in their recent trading at the intraday levels, to achieve slight daily gains until the moment of writing this report, by 0.88%. It settled at the price of $8.787 per million British thermal units, after rising sharply during yesterday’s trading by amounting to $8.787 per million British thermal units. 8.44%.

Natural gas futures rose on Monday, ending their two-day loss, as US exports gained more momentum and modest production to offset cooler near-term weather forecasts. June gas futures contracts in Nymex settled at $8.744 per million British thermal units, an estimated increase of 66.1 cents on the day. The July contract advanced by 64.9 cents to $8.827.

Production in the United States exceeded 95 billion cubic feet, according to Bloomberg estimates on Monday, marking an increase of more than 1.5 billion cubic feet from the previous week’s lows. However, production remained below the roughly 97 billion cubic feet the market is looking for to ensure adequate supplies for the summer as well as next winter.

Meanwhile, US LNG exports on Monday rose more than 13 billion cubic feet, after exceeding that limit last Friday.

While domestic weather demand eased some forecasts on Monday, there is not enough to allay concerns about natural gas consumption outstripping supply in the event of a hot summer.

Technically, the price is attacking the pivotal resistance level 8.870 with its recent rise. This is the level at which it recorded the last peak on May 6, amid the dominance of the main bullish trend over the medium and short term along a trend line. This is shown in the attached chart for a (daily) period, supported by its continuous trading above its simple moving average for the previous 50 days, in addition to the influx of positive signals on the relative strength indicators.

Therefore, we expect more rise for natural gas during its upcoming trading, but first it has to cross the resistance obstacle at 8.870, to target immediately after that the first resistance levels at 9.550.

We expect natural gas to rise during its upcoming trading.

Spot natural gas prices (CFDS ON NATURAL GAS) stabilized at a decrease in its recent trading at the intraday levels, to record slight daily losses until the moment of writing this report, by -0.34%. It settled at the price of $6.434 per million British thermal units. It reached -6.68%, and during the past week the price fell by -11.61%.

Nymex natural gas futures fell sharply over the past week, amid a poor near-term weather outlook. After the price touched a week high at $8,065 on Monday, the May contract settled on Friday at $6.534, which is part of an ongoing profit-taking technical correction.

Russia will investigate the cause of a major fire at an oil storage facility near the country’s border with Ukraine, Reuters reported on Monday. The facility in Bryansk caught fire in the early hours of Monday morning, with unverified footage on social media showing what appeared to be two explosions followed by a column of fire, the report said.

Reuters said in the report that the facility is owned by the Russian oil pipeline company Transneft. The news agency reported, citing the Russian Ministry of Emergency Situations, that no one was injured and there was no need for evacuations in any part of Bryansk.

On Thursday, the US Energy Information Administration reported an injection of 53 billion cubic feet, raising domestic inventories to 1,450 billion cubic feet, still 428 billion cubic feet below last year’s levels and 292 billion cubic feet below the five-year average.

The EIA said South Central stocks broken down by region rose by 33 billion cubic feet net, including 18 billion cubic feet in non-salt stocks and 15 billion cubic feet in salts. The Midwest added 11 billion cubic feet of storage, while the East added 9 billion cubic feet. Pacific stocks were flat during the week, and the Midwest pulled 1 billion cubic feet.

Technically, natural gas continued to decline in its recent trading in an attempt to search for a bullish bottom to take as a base. This might help it gain the necessary positive momentum to regain its recovery and rise again. It can reach its recent decline to rely on the pivotal support level of 6.412, in conjunction with the arrival of the relative strength indicators to very saturated areas. Selling operations, exaggeratedly compared to the price movement, which suggests that a positive divergence is beginning to be formed, especially with the emergence of a positive crossover in it.

All of this comes with the price’s trading along a major bullish slope line in the medium term, with the continuation of positive support for its trades above its simple moving average for the previous 50 days.

We expect natural gas to rise during its upcoming trading, especially in the event that the support level 6.412 remains intact, to target the first resistance levels at the price of 7.078.

We expect the rise of natural gas to continue during its upcoming trading.

Spot natural gas prices (CFDS ON NATURAL GAS) continued to rise during the recent trading at the intraday levels, to achieve new daily gains until the moment of writing this report, by 1.11%, after its rise in Monday’s trading by 6.01%.

Weather remains the main driver of rising natural gas prices as winter refuses to release its grip in 2022. The National Oceanic and Atmospheric Administration’s short-term forecast predicts cooler-than-normal temperatures across the United States almost through April 24. This is expected to maintain on some heating demand across supply lines and storage injections decreases during this period. The rise in production did not allay mounting concerns about supplies later this year.

Nymex May futures were up 36.5 cents at $6,643 per million British thermal units. The June futures contract settled at $6.723, an increase of 36.7 cents.

Spot gas prices were also boosted by NGI’s Spot Gas National Avg, with huge increases on the West Coast, which jumped 21.0 cents to $6.205.

Amid growing concerns that gas producers are not yet responding to higher prices, production finally took a step higher on Monday. Bloomberg estimates showed production at 96.4 billion cubic feet.

Technically, natural gas succeeded in its recent trading in breaching the pivotal resistance level of 6.412, despite the start of negative signals in the relative strength indicators. This happened after it reached areas of severe overbought operations, so that the price began discharging some of this overbought despite the continuation of the rise. This indicates the strength of the movement bullish on price.

All of this comes in light of the dominance of the main bullish trend in the medium term along a slope line. The dominance of the bullish trend is strong in the short term, with continuous positive pressure for its trading above its simple moving average for the previous 50 days.

Therefore, we expect the rise of natural gas to continue during its upcoming trading, especially as long as its stability is above the level of 6.412, to target the resistance level of 7.181.