US Natural Gas (Spot) (XNGUSD) discussion
NATURALGAS market will be very volatile today, looking at the analysis and the news I can say that if it breaks the resistance of 2.57 then it will rally upwards otherwise get ready to sell. Reason:
- Hurricane chances of development is around 40% so still got time for bullish move.
- It was cooler than normal over Texas and most of the eastern ½ of the US, while hotter than normal over the West and Plains.
- EIA report was somewhere in line with expected plus the natural gas market still hasn’t reacted to the rate cut news so there is an opportunity here.
Thanks for reading.
NATURALGAS sold NG 2.5570
SL in place..
trading purpose only.
no intentions to carry for next day
NATURALGAS ng buy Or sell
NATGAS Although there are some technical reasons to be bearish, ultimately prices will go higher. The big guys know this.Here is the current forward pricing for the months ahead, this is used for Futures contracts and Export orders. We can reasonably expect price to head to these levels.
October $2.3
November $2.6
December $3.05
January $3.3
From there, price expected to remain above $3.2 for 2025.
NATURALGAS It's had a good run, but indicators are showing divergence. I estimate a pullback back to 2400. Don't hate the messenger.NATGAS Pretty crazy rally considering the slight miss. I expect next week to be even better. Here is why.The estimate for next week is 48bcf. The 5 year average is 88bcf.
That would put us at around 6.9%, down from 8.6%. Super bullish.
The week after that is expected to be even better due to large export orders due for that week.
NATURALGAS any news regarding ng
NATGASUSD phew! finallyNATGAS Sorry for all the posts 😂The market is obviously looking past the miss, which was cause by the Hurricane disruption.
The fact is the storage glut is continuing to go away gradually.
Next weeks report estimates are already coming out and look like a 48bcf injection, which is highly bullish. The next 4 weeks after that look similar.
Winter is also around the corner, and it's looking more and more like it'll be a cold and snowy one.
Again, the only thing that could derail this rally is another Hurricane, which is possible as of writing this.
NATGAS This report puts us pretty much exactly at 8.6% above the 5 year average, down from 9.6% last week.So technically it's progress, but a miss as far as estimates go.
Keep an eye out on the potential Hurricane development in the Gulf, it could be a big one.