Natural Gas Price Prediction – Prices Edge Higher on Cooler Weather Forecast
Natural gas prices rebounded slightly on Monday after closing down 13% last week. The weather is expected to be normal and then turn cooler than normal over the next two weeks throughout most of the United States. The Department of Energy reports LNG export rose in October
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Technical Analysis
Natural gas prices rebounded higher after dropping 7% on Friday. Prices remain above trend line support at 4.72. resistance is seen near the 10-day moving average at 5.26. The 10-day moving average crossed below the 50-day moving average, which means that a short-term downtrend is now in place. Short-term momentum has reversed and turned positive as the fast stochastic generated a crossover buy signal. Medium-term momentum is negative. The MACD (moving average convergence divergence) histogram is printing in negative territory with a declining trajectory which points to lower prices.
LNG Exports Rose in October
The EIA estimates that U.S. LNG exports averaged 9.8 billion cubic feet per day in October 2021, up 0.3 Bcf per day from September, supported by large prices differences between Henry Hub prices in the United States and spot prices in Europe and Asia. LNG exports averaged 9.8 Bcf per day for all of 2021, up 50% from 2020.