Spot natural gas prices (CFDS ON NATURAL GAS) stabilized in the recent trading at the intraday levels, to achieve new daily gains until the moment of writing this report, by 1.49%. It settled at the price of $9.377 per million British thermal units, after it decreased during yesterday’s trading by – 1.66%.

US natural gas futures fell about 1% on Wednesday, down from a 14-year high hit in the previous session, due to expectations of cooler weather and lower demand for refrigerants over the next two weeks than previously expected.

This slight price drop came despite lower daily production, hotter-than-normal weather on the West Coast and Texas, and near-record world prices.

US gas prices have also been affected by the ongoing outage at the Freeport LNG export plant in Texas, which has left more US gas for utilities to pump into storage for the coming winter.

Wednesday’s futures traders focused squarely on the next round of weekly government inventory data in the US Estimates ahead of the Energy Information Administration (EIA)’s official weekly inventory report on Thursday were wide-ranging, but hovered around the two figures of 22 billion cubic feet and 45 billion cubic feet. cubic feet with an average forecast of 32 billion cubic feet.

So far this year, the price of gas has risen during the first month by about 145% as higher prices in Europe and Asia keep demand for US LNG exports strong. Global gas prices have risen this year after supply disruptions linked to Russia’s invasion of Ukraine on February 24.

Meanwhile, Russian gas exports through the three main lines have averaged about 2.5 billion cubic feet per day so far. Down from 2.8 billion cubic feet per day in July and 10.4 billion cubic feet per day in August 2021.

Natural Gas Technical Outlook

Technically, natural gas’s decline came yesterday as a result of the stability of the pivotal resistance level 9.600, to reap the profits of its recent rises. It is trying to gain positive momentum that might help it breach that resistance. This is in light of the dominance of the main bullish trend in the medium and short term along a slope line, as shown in the attached chart. The positive pressure of its trading continues above its simple moving average for the previous 50 days, in addition to the influx of positive signals on the relative strength indicators, despite reaching overbought areas.

• Our expectations indicate that the scenario of a rise in natural gas during its upcoming trading is likely.
• It is on condition that it first overcome the pivotal resistance 9.600 obstacle.
• After which it will target the resistance level 10.70.

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Spot natural gas prices stabilized at an increase in recent trading at intraday levels, to record daily losses until the moment of writing this report, by -1.62%. They settled at the price of $8.709 per million British thermal units, after rising slightly for the fourth day during trading on Friday, by 0.72%. Last week, natural gas rose by 9.39%.

Natural gas futures fell throughout the Friday session, despite the slight change in daily prices. September gas futures contracts in Nymex settled at $8.768 per million British thermal units, down 10.6 cents from Thursday’s close. The October contract fell 11.9 cents to $8,744.

There’s no doubt it’s been an interesting week in the gas market, as futures have risen for most of this week in the face of cold weather. Early on Friday, the outlook for continued cold seemed to be in the cards. The Nymex contract for September touched a low of $8,516 before the opening but rose after That comes to $8,919.

Meanwhile, weak Chinese economic data raised concerns about demand in the world’s largest energy importer, as government data showed that China’s economy slowed unexpectedly in July, while refinery production fell to 12.53 million barrels per day, the lowest level since March 2020.

Technical Analysis

Technically, natural gas is trying to reap the profits of its recent rises and gain some positive momentum that may help it recover and resume the rise, amid the dominance 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 of time, with continued pressure. It is trading above its simple moving average for the previous 50 days, and we also notice in the midst of that the influx of positive signals on the relative strength indicators, after reaching oversold areas.

Therefore, our expectations suggest that natural gas will rise during its upcoming trading, as long as the support 8.054 remains intact, to target the pivotal resistance level 9.600.

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The Dow Jones Industrial Average declined slightly during its recent trading at the intraday levels, to break a series of gains that continued for three consecutive sessions. It recorded slight losses in its last sessions, by -0.14%, to lose the index towards -46,739 points. It then settled at the end of trading at the level of 32,798.40, so after rising during trading last Friday by 0.97%, after recording its best monthly performance in July since 2010.

Minneapolis Federal Reserve Bank President Neil Kashkari said in an interview on CBS News Sunday that the central bank remains committed to its goal of 2% inflation. However, we are “a long way” from that goal. Neel Kashkari is not a voting member of the Federal Open Market Committee this year.

Stocks fluctuated between losses and gains on Monday after the Institute for Supply Management reported that its closely watched manufacturing gauge fell to 52.8% in July from a reading of 53% the previous month. Economists polled by the Wall Street Journal had expected the index to reach 52.1%. While any number above 50% is indicative of growth, the latest reading was the weakest since June of 2020.

Spending on construction projects fell 1.1% in June, the Commerce Department reported Monday. Economists polled by the Wall Street Journal had expected a 0.4% increase.

Dow Jones Technical Forecast

Technically, the index with its recent decline is trying to reap the profits of its recent rises in the short term. It is also trying to gain positive momentum that may help it to rise again. The index is trying to drain some of its clear overbought by the relative strength indicators, especially with the start of the emergence of a negative crossover in them. The positive support for its trading is above its simple moving average for the previous 50 days, but in front of that the dominant trend remains the corrective bearish trend in the short term along a slope line, as shown in the attached chart for a (daily) period.

Therefore, our expectations suggest the return of the index’s cautious rise during its upcoming trading, to target the pivotal and near resistance level 33,240, and this positive scenario remains under expectations as long as the support level 31,885 remains intact.

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We expect the index to return to the cautious rise during its upcoming trading.

The Dow Jones Industrial Average declined during its recent trading at the intraday levels, to record slight losses in its last sessions, by -0.20%, to lose the index about -62.42 points to settle at the end of trading at the level of 31,438.27, after its rise in Friday’s trading by 2.68% .

Eleven of the 30 stocks listed in the index declined, with Salesforce Inc. By -2.48%, on the other hand, only nine stocks rose, led by the share of UnitedHealth Group Inc. By 2.02%, while two shares remained unchanged at all.

After traders entered the weekend with a flurry of activity on Friday afternoon, the week opened quietly, as stocks managed to rise at the end of last week’s trading. This is after Federal Reserve Chairman Jerome Powell acknowledged the possibility of a difficult pullback, which the market took as an indicator to reduce the prospects for a rally. Interest rates are very sharp, this rally in stocks was also supported by moderate economic data.

In economic news, US durable goods orders rose more-than-expected in May, the Census Bureau said Monday that new orders increased 0.7% to $267.2 billion last month, after rising 0.4% in April.

A report from the National Association of Realtors said Monday that US pending home sales rose 0.7% in May. That’s a surprising gain compared to the expected 4% drop in a Bloomberg poll. While the Dallas Fed manufacturing survey fell to negative 17.7 in June from negative 7.3 in May.

Technically, the index is trying with its recent decline to reap the profits of its previous highs, and to try to gain some positive momentum that may help it to record new heights. This is amid the stability of its trades above the main support level 31,000, with the influx of positive signals on the relative strength indicators. In front of that, downward corrective trend dominates on the movement of the index in the short term. In addition, we notice the continuation of the negative pressure for its trading below the simple moving average for the previous 50 days.

Therefore, we expect the index to return to the cautious rise during its upcoming trading, as long as it remains stable above the support level 31,000, to target the resistance level 32,578.70.

Our expectations remain neutral, waiting for the price’s behavior around the resistance level 8.870.

Spot natural gas prices (CFDS ON NATURAL GAS) settled on an increase in their recent trading at the intraday levels, recording slight daily losses until the moment of writing this report, by -0.46%.  It settled at the price of $8.735 per million British thermal units, after rising slightly during yesterday’s trading by 0.83%.

Natural gas futures were volatile on Tuesday, as traders assessed a slight increase in production, a mixed domestic climate outlook, continued uncertainty in Europe and the imminent expiration of the June contract. Nymex June gas futures eventually settled at $8.796 per million British thermal units, up 5.2 cents on the day, and had advanced about 66 cents the day before. The July contract rose nine-tenths of a cent to $8,836 on Tuesday. June begins to issue contracts as the spot month on Thursday after options expire on Wednesday. Futures contracts have usually proven volatile before expiring this year.

Despite the volatility on Tuesday, the bulls eventually won, and the price closed higher as US LNG demand remained strong and production slumped.

LNG volumes topped 13 billion cubic feet this week, building momentum back toward the record 14 billion cubic feet reached before the spring maintenance season. European demand for US supplies of liquefied fuels is steady as countries across the continent cut ties with Moscow.

Technically, the price stopped at the pivotal resistance level 8.870 due to its need to gain some positive momentum that might help it attack that resistance. This is due to the dominance of the main bullish trend in the medium term along a slope line, and with continuous positive pressure for its trading above its simple moving average for the previous 50 days. In addition, we notice the continuation of positive signals on the RSI indicators.

Therefore, our expectations remain neutral, waiting for the price’s behavior around the resistance level 8.870, in the event that natural gas succeeds in breaching that resistance, this is a confirmation from it to complete the ascending journey, to target the resistance level 9.550.

Our positive expectations surrounding natural gas remain during its upcoming trading.

Spot natural gas prices (CFDS ON NATURAL GAS) stabilized on the rise during the recent trading at the intraday levels, to achieve slight daily gains until the moment of writing this report, by 0.45%, after falling slightly in trading yesterday, by -0.06%.

Natural gas futures extended gains to reach their highest levels in more than 13 years, as swathes of the northern United States and southern Canada experience a prolonged winter. The high domestic demand and the demand for exports from Europe resulted in US warehouses reaching below average storage levels at this time of year while maintaining such prices.

Meanwhile, the monthly EIA report released on Tuesday expects the average price of US natural gas in 2022 to average $5.23 this year, 32% higher than the March forecast. US LNG exports are likely to average about 12.2 per cent. billion cubic feet per day for this year, a 25% increase from 2021.

Separately, the US inflation rate hit a 40-year high in the year to March after fuel prices rose during the first full month of the Ukraine war. Consumer prices rose 8.5%, the largest annual gain since December 1981, after a significant rise in energy prices. Last month, President Joe Biden banned all oil and gas imports from Russia after the invasion of Ukraine.

Technically, the price retreated in its recent trades in an attempt to reap the profits of its previous highs, and it is also trying to drain some of its clear buying saturation with the relative strength indicators. This is in an attempt to gain the necessary positive momentum to restore the recovery and rise again, in order to maintain the main bullish trend in the medium term amidst its trades along the lines of A slope line, as shown in the attached chart for a period of time (daily). The positive pressure will continue for its trading above its simple moving average for the previous 50 days.

Our positive expectations surrounding natural gas remain during its upcoming trading, as long as it remains above the level of 6.412, to target the resistance level of 7.181.