Natural Gas is trading near $2.32 with some bearish and bullish elements in play, keeping Natural Gas prices rather stable.
Natural Gas keeps its head above $2.30 after last week’s rally. Markets see Europe cutting demand, while tensions in Gaza ramp up again. The US Dollar index holds steady just below key level ahead of ISM Manufacturing numbers. The bullish elements are coming from tensions in the Middle East, where Israeli people are starting to question the approach from Israel’s Prime Minister Benjamin Netanyahu and demand a swift ceasefire and peace deal to get hostages return safely.
Expect any upside in the Gas prices to remain subdued with no real substantial rallies to take place if current events remain as they are. Should more bullish headlines emerge and push the Gas price higher, look ahead for moving averages as upside resistances. First, the 100-day Simple Moving Average at $2.42 would already be a significant move higher. Further up, the green ascending trend line at $2.56 could be tested. On the downside, very close support from the 200-day SMA at $2.
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