Natural Gas is on the rise this Friday, with the US session showing fresh gains. Concerns over tropical storm Francine impacting US Gas supply and tensions between Russia and Ukraine are driving prices up to $2.58 per MMBtu. Meanwhile, the US Dollar Index is facing pressure after speculations of a 50-basis-point interest-rate cut by the Federal Reserve next week.
Natural Gas News and Market Movers: What You Need to Know
- US Gas burn rate has increased, potentially leading to a switch to coal for heating season.
- European Gas reserves are robust at 93%, with Norwegian Gas flows picking up.
- Egypt has purchased additional LNG cargoes to meet electricity demands.
- US natural gas futures rallied after lower-than-expected stockpile increase.
Natural Gas Technical Analysis: Forecast and Trends
With concerns about demand and supply disruptions, Natural Gas prices are rallying. Key support levels at $2.46, $2.28, and $2.13 provide guidance for potential corrections. Upside targets include $2.62, $2.80, and $2.86 as potential resistance levels.
Natural Gas FAQs: Understanding the Market
Supply and demand dynamics, economic releases, and geopolitical events all play a role in influencing Natural Gas prices. Weekly inventory reports from the Energy Information Administration (EIA) are key indicators to watch. The value of the US Dollar also impacts Natural Gas prices due to its role as the world’s reserve currency.
Stay informed and watch for market trends to make informed investment decisions in the Natural Gas sector.