Natural Gas News – July 11, 2023
Natural Gas News – July 11, 2023
Natural Gas Price Analysis: 21-DMA Prods XNG/USD Bulls Near $2.65
Natural Gas Price (XNG/USD) retreats from intraday high as bulls and bears jostle around $2.65 during early Tuesday. In doing so, the energy instrument struggles to extend the week-start recovery from the lowest levels in three weeks amid a lack of fresh directives and a cautious mood ahead of Wednesday’s key US inflation data. Apart from that, the 21-DMA hurdle of around $2.66 and bearish MACD signals, as well as the steady RSI (14) line, also challenge the XNG/USD buyers. However, the quote’s sustained trading beyond the $2.50 support confluence including the 50-DMA and a five-week-old rising trend line keeps the buyers hopeful within a three-week-old bullish triangle. Hence, the XNG/USD bulls may want to wait for a clear break of the 21-DMA hurdle of around $2.66 to initiate fresh long positions. Even so, the…
Natural Gas Down 8% On Week As U.S. Weather Models Suggest Mixed Trends
Not so fast, gas bulls: the run to $3 pricing may have to wait a little more as U.S. weather models showed an easing of the heatwave of the past three weeks as the near-term temperature outlook suggests mixed trends. August, the most-active natural gas contract on the
New York Mercantile Exchange’s Henry Hub fell 2.7 cents, or 1%, to settle at $2.609 per mmBtu, or metric million British thermal units. For the week, the benchmark gas futures contract lost 8%. It was the first weekly loss for gas in five weeks. Friday’s low of $2.543 for August gas also marked its first return to mid-$2 levels in two weeks. Last Monday, August gas peaked at $2.936, the loftiest level for a front-month gas contract on the Henry Hub since March. This week’s tumble came after the weekly gas storage report…
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