Natural Gas NG July futures bounced last week on warmer weather and production cuts. On Friday we saw a pullback, as weather forecasts lost some CDDs (cooling degree days). UNG fund started August contract roll on June 12 -17.
Technicals: Daily and 4 Hr chart are pointing toward lower prices; 1 Hr chart is forming a bottom. We may have a short-term bounce from...
Natural gas demand is rising due to electric power sector demand increase. Total U.S. consumption of natural gas rose by 3.9% compared with the previous report week. Natural gas consumed for power generation climbed by 10.1% week over week. In the residential and commercial sectors, consumption declined by 5.9%. Industrial sector consumption decreased by 0.3% week...
Chart patterns are suggesting a reversal to the upside, possibly targeting $18-$24 levels for UGAZ, as NG prices are expected to go higher into the summer heat and economy reopening by 3rd week of June in NY, NJ, PA. We may have another a couple of days of consolidation with lower prices due to bearish EIA report on Thursday. Expecting over 100 bcf in storage....
NG: Potential bottom is forming at $1.78 level. Natural Gas July futures contracts were trading lower on Tuesday finding support at $1.78. MACD histogram is at the crossing point pointing toward higher prices. Near-term resistance is seen near $1.978, a 38.2% Fib retracement level of the recent move down, with $2.048 being a 50% Fib retracement. RSI is also...
Natural Gas NG July futures contract gapped up to $1.93, but quickly retraced to $1.915 level, which is 50% Fib level of its recent run. Prices are going lower into Thursday EIA report, as SP Global Platt reported decline in demand.
Fib levels that may serve as support: $1.195 - 0.5; $1.900 - 0.382; $1.881 - 0.236; $1.85 - 0. Currently stabilizing at $1.90.
Both...
NG: Natural Gas futures NG switched to July contract on May 26 at 18 p.m. gapping up to $1.93. Based on 4 Hr chart, resistance of $2.0 has not been reached yet indicating potential to go higher. MACD crossed pointing toward higher prices as well. RSI is at 60, which has been the level that capped the most recent rally at $2.0 (May 18 -22). Chande momentum is...
Looks like we are possibly making a double bottom on the hourly.
I'd short if it breaks below $1.8
I'm playing UGAZ and this is what my position looks like.
My average entry is @ $15.09
My is at S/L @ $14.5
Long until minimum $18.. will reassess as we move forward. We may sit in a channel before a pop or another drop. We will see.
Natural Gas NG has moved higher in Tuesday trading session. Short-term resistance is seen at $1.8, support at $1.76.
UGAZ trading between $15.70 and $17.70, with $16.65 being important level to stay above.
NG needs to break through $1.8 to challenge its next resistance level at $2.0. With fundamentals turning bullish, it is a possible target.
$UGAZ: next upside...
Natural Gas June futures contract continues consolidating within a narrow range: $1.68 - $1.76. A potential for a move higher is seen in the near-term.
UGAZ: Based on 1 Hr chart pattern and Chande Momentum indicator, an upside move can be expected within May 26 - 27 timeframe; $20 is seen as first upside target, $22-23 level as resistance, while $15.30 is seen as...
Potential bottoming patterns are seen on multiple time frames of natural gas contracts. June Natural Gas contract and Chande Momentum charts show higher lows.
NG: However, NG June contract chart is pointing lower due to fundamental factors - economic shutdown and overall reduced demand. If prices hold support at $1.70 on Friday into closing, that would be an...
Natural gas futures contracts NG finished the day lower after EIA inventory report showed a less than expected build of 81 bcf vs 98 bcf predicted. Regardless of a substantially lower build, NG prices dropped 3.3% on Thursday. Short-term momentum turned negative, while medium term momentum is neutral pointing toward consolidation and possibly lower prices. The...
Natural Gas July futures NG gapped up on the open from $1.63 to $1.75, but then dropped to $1.71. 2 Hr MACD chart crossed forming some sort of consolidation zone. NG is trading higher July contracts.
The fundamentals remain bearish: oversupplied condition vs. low demand. For the next two weeks, the weather is not expected to be hot enough to generate substantial...
