Yahoo Finance Natural Gas Price Prediction – Prices Edge Higher on Warm Weather Forecast
Key Insights
Natural gas prices edged higher.
The weather is expected to be warmer than normal throughout the East Coast and South.
Deliveries to LNG export facilities continued to rise.
On Tuesday, natural gas prices moved higher after rising sharply on Monday. According to the National Oceanic Atmospheric Administration, the weather is expected to be warmer than normal during the next 6-10 days and the next 8-14 days throughout most of the United States.
Prices rise as the weather is warmer and cooling demand increases. According to the LNG export tracker, LNG exports increased to 13.29 Bcf up from 12.99 Bcf. There are no tropical cyclones expected to be in the Atlantic Ocean during the next 48-hours.
Technical Analysis
On Tuesday, natural gas prices edged higher. Resistance is seen near the May highs at 8.99. Support is seen near the 20-day moving average of 7.99.
Short-term momentum turned positive as the fast stochastic generated a crossover buy signal. Prices are overbought as the fast stochastic is print a reading of 91, above the overbought trigger level of 80.
Medium-term momentum turned positive. The MACD (moving average convergence divergence) histogram prints in neutral territory with a rising trajectory, meaning upward trade action. The MACD line recently generated a crossover buy signal. This scenario occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line.
This article was originally posted on FX Empire
More From FXEMPIRE:
For EV maker Rivian, delivery headache hits as market shuts down coffers
Russia says Ukraine war slowdown is deliberate, Zelenskiy mocks ‘pathetic’ comments
Glencore prepares to pay up to $1.5 billion to settle U.S., UK, Brazil probes
Oil steadies after choppy trade, U.S. says export ban not ruled out
Oil, Gold and Forex – Stocks Recover Amid a Fragile Tape on Moderated Fed Language
