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Natural Gas Technical Analysis: Price is Rising

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Natural Gas Technical Analysis: Price is Rising with a Pivotal Support Effect

Latest NewsEnter your emailDespite the price drop, US gas futures are still up about 46% so far this year, as higher global prices fuel demand for US exports due to supply disruptions and sanctions linked to Russia's invasion of Ukraine.

This mild weather will allow utilities to pump more natural gas into storage, while gas inventories have stabilized at 2.4% below the five-year average for this time of year. Despite the price drop, US gas futures are still up about 46% so far this year, as higher global prices fuel demand for US exports due to supply disruptions and sanctions linked to Russia's invasion of Ukraine.

Elsewhere, Russia's Gazprom said on Wednesday it will ship about 42.4 million cubic meters of gas to Europe via Ukraine today, a volume in line with recent days.Technically, the price gained some positive momentum after its build-up and the stability of the pivotal support level 5.310, to try to compensate part of what it incurred from previous losses.

 

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