Natural Gas News – December 20, 2024
Natural Gas News – December 20, 2024
Traders Eye $4.30 as Weather Forecast Fuels Bullish Momentum
Natural gas futures break $3.647, setting sights on $4.300 as cold weather fuels bullish sentiment. January weather forecasts hint at
colder-than-average temperatures, boosting heating demand globally. EIA re ports a 125 Bcf withdrawal, cutting storage to 3,622
Bcf, underscoring tightening winter supply. U.S. natural gas futures rose sharply on Friday, breaking the key October resistance level of
$3.647. This move positions prices for further gains, with the next major resistance at $4.300. On the downside, the 200-day moving
average at $3.366 serves as critical support, reflecting long-term trend control. The market’s response to $3.647 into Friday’s close
will likely dictate near-term direction. The U.S. Energy Information Administration (EIA) reported a 125 Bcf withdrawal from natural gas storage for the week… https://tinyurl.com/3h38aj89
Get Ready for Natural Gas Selloff After Bullish Binge
European gas prices rallied as a result of tighter supply as the Ukraine gas transit deal is nearing its end. Despite the ongoing uncertainty about winter weather and supply, EU gas prices could drop as a result of profit taking. Global Risk Management: “The heavy concentration of positions stresses the market”. European natural gas futures rebounded to over €41.5 per megawatt-hour on Tuesday,
up from the over one-month low of €39.5 they touched on Monday as markets continue assessing the outlook of gas supply to Europe
and the Ukraine gas transit deal comes to an end. Several gas companies and network operators in Hungary and Slovakia, which
cover clients from Italy and Austria, have been pushing for the European Commission to extend the Ukraine transit deal beyond
2024. However, the EC… For more info go to https://tinyurl.com/2vumd39j
This article is part of Daily Natural Gas Newsletter
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