Natural Gas prices are heading lower, extending a sell-off that has been underway since last week. The mix that is pushing Natural Gas prices lower in
Natural Gas prices are heading lower in search of support. The US Dollar trades mixed, struggling to find direction. US Natural Gas prices reflect ongoing efforts to defuse Middle-East geopolitical tensions. both Europe and the US is one based on the simple economics 101 rule: bigger supply and normal to lower demand means a devaluing price of the good. And that is what is going on at the moment: supply is elevated, above normal, while demand is already lower than usual around this time of year.
Prices are expected to broadly ease until temperatures start to drop and risk premiums will be factored in due to tensions in the Middle-East during the winter period, when demand is expected to surge. With the firm peak and breakthrough out of the trend channel, it will be crucial that the upper band of that same trend channel acts as support. There aren’t any significant resistance levels except for $3.65, the peak of January 17. From there, the high of 2023 near $4.3080 comes into play.
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