Natural Gas Price Prediction – Prices Fall on Broad Dollar Weakness
Natural gas prices moved lower on Tuesday on broad dollar weakness, which weighed on the commodity complex. The weather is expected to be warmer than average for the next 2-weeks across most of the United States. There are two tropical storms in the Atlantic and the Caribbean, Grace, and Henri. Grace is headed toward the Gulf of Mexico. Fred has worked its way into the southern portion of the United States and is unlikely to impact any natural gas installation structures.
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Technical Analysis
On Tuesday, natural gas prices moved lower and is poised to test support near an upward sloping trend line that comes in neat 3.83. Resistance is seen near the 10-day moving average at 4.03. Short-term momentum turned negative as the fast stochastic generated a crossover sell signal. Medium-term momentum turned negative as the A MACD (moving average convergence divergence) index generated a crossover sell signal. This scenario occurs as the MACD (moving average convergence divergence) index generated a crossover sell signal.
Natural Gas Prices Consumption Is Mixed
U.S. natural gas consumption rises in most sectors, offset by declines in the industrial sector and LNG export terminal pipeline receipts. With temperatures trending slightly warmer than average over the past week, total U.S. consumption of natural gas rose by 2.3%, or 1.6 Bcf per day, compared with the previous report week, according to data from the EIA. Power generation and residential and commercial consumption rose by 3.2% and 5.6%, respectively.