Natural Gas Futures Under Pressure Amid Trump’s Influence on US Prices
The recent resurgence of Trump in the political sphere has sparked concerns about natural gas prices in the US. The potential shift in Washington’s stance on the Ukraine-Russia conflict could have a significant impact on the natural gas market.
Technical indicators suggest that natural gas futures are experiencing range-bound movements, with traders closely monitoring the situation in Ukraine and China’s response. Despite a slight increase in today’s trading session, natural gas futures are struggling to maintain support at $2.291.
Looking at the charts, a bullish crossover between the 9 DMA and 20 DMA indicates a possible spike in prices, with the next resistance level at $3.093. However, the formation of bearish blocks on the weekly chart suggests that selling pressure may continue if prices fail to hold above $3.093.
In the short term, the 9 DMA is acting as immediate resistance at $2.294, but the 200 DMA at $2.814 could provide an opportunity for long positions in natural gas futures. Despite increased volatility, prices are likely to remain bearish this week unless they break above $3.093.
In summary, the current geopolitical situation and technical indicators point towards a challenging week for natural gas futures. Traders should closely monitor developments in the Ukraine-Russia conflict and consider their positions carefully to navigate the market effectively.