Natural Gas Price Prediction – Prices Fall but Hold Support Ahead of Inventory Data
Natural gas prices moved lower on Wednesday but closed off the lows and above short-term support. Tropical storm Elsa moved on short in Florida and is unlikely to impact any natural gas installations. The weather is expected to remain warmer than normal for the next two weeks on both the east coast and west coast of the United States, putting upward pressure on cooling demand. LNG exports increased week over week.
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Technical Analysis
Natural gas prices moved lower on Wednesday, bouncing at support near the 10-day moving average at 3.577. Resistance on natural gas is seen near the July highs at 3.82. Short-term momentum has turned negative as the fast stochastic generated a crossover sell signal. The RSI has moved from overbought territory to neutral territory, which reflects accelerating negative momentum.
LNG Exports Rise
U.S. LNG exports increase week over week. Twenty-one LNG with a combined LNG-carrying capacity of 76 Bcf departed the United States between June 24 and June 30, 2021, according to shipping data provided by the EIA. Two tankers were loading on Wednesday, one each at Cameron and Sabine Pass.