NATURAL GAS at key support level
Natural gas price is driven by supply and demand .Key factors that affects price are production, net imports,storage inventory levels,weather,economic conditions.
What are we seeing currenty is an imbalance between supply and demand ,precisely rising demand,which is causing higher prices.
Higher gas prices means higher electricity prices,because 38% of electric power plants is US are powered by natural gas .
Technical perspective :
Natural gas (USD/MMBtu) found support at level 3.5 since the 6 of December,currently trading at 3.87.
Rsi bounced from 30 level,so we can expect short term move to the upside.If price rejects the trend line ,and rsi also rejects the 70 level we can expect move to the downside to the 2. 40 in next couple of months.
What are we seeing currenty is an imbalance between supply and demand ,precisely rising demand,which is causing higher prices.
Higher gas prices means higher electricity prices,because 38% of electric power plants is US are powered by natural gas .
Technical perspective :
Natural gas (USD/MMBtu) found support at level 3.5 since the 6 of December,currently trading at 3.87.
Rsi bounced from 30 level,so we can expect short term move to the upside.If price rejects the trend line ,and rsi also rejects the 70 level we can expect move to the downside to the 2. 40 in next couple of months.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.