Natural Gas News – July 16, 2024
Natural Gas News – July 16, 2024
How Long Will “Sell the Rally” Dominate the Market?
Surprise higher weekly close in natural gas sparks short-covering potential, but bearish fundamentals persist amid high storage and oversupply concerns. Natural gas reverses late despite new contract low, leaving traders cautious as bearish outlook clashes with potential technical bounce. Unexpected price reversal in natural gas
market sets stage for volatility as traders weigh technical signals against persistent oversupply. The natural gas market experienced a tumultuous week, with prices declining for most of the period before unexpectedly closing higher on the weekly chart. This technical closing price reversal bottom caught traders off-guard, potentially
setting the stage for a short-covering rally. However, given the overwhelmingly bearish fundamentals, this move may not necessarily signal a change in the… For more info go to https://tinyurl.com/38vhtssz
Gas Falls Out Of Bed On Monday With China’s Growth Slowing Down
Natural Gas dips lower at the start of the week on the EU Gas storage report. Chinese economic numbers are deteriorating again, easing Gas demand. The US Dollar index trades choppy on the back of Trump’s shooting over the weekend. Natural Gas price (XNG/USD) slides lower in a mixture of bearish elements where China’s Gross
Domestic Product fell to 4.7% against 5.1% expected, while Germany’s gas storage percentage is above 85%, ahead of target. Traders betting on higher Gas prices are facing substantial losses despite their bets on the delay in the reopening of the Texas Freeport plant. The Liquified Natural Gas (LNG) plant is still not producing, taking longer to start after it closed last week because Hurricane Beryl passed through the area. Meanwhile, the US Dollar Index (DXY), which… For more info go to https://tinyurl.com/5ybr8yt2
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