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The price drop also came despite less-than-expected storage units reported last week, expectations of higher demand in the near future as LNG export terminals come back into service and renewed concerns about a possible rail strike.
- Spot natural gas contracts (CFDS ON NATURAL GAS) continue in the early trading on Monday, rising since last week, and recording new daily profits until the moment of writing this report.
- It went up by 9.57%, settling at a price of $6.228 per million British thermal units, after declining by 5.44% on Thursday.
- US natural gas futures fell about 8% on Thursday, with the market focused on near-record production. Weather forecast for next week was milder than previously expected, which should allow utilities to add more gas. More gas for storage than usual is expected in the coming weeks.
The price drop also came despite less-than-expected storage units reported last week, expectations of higher demand in the near future as LNG export terminals come back into service and renewed concerns about a possible rail strike. A rail strike could increase gas demand by threatening coal supplies to power plants.
The US Energy Information Administration also reported that domestic natural gas stocks rose by 52 billion cubic feet for the week ending October 21, compared to market expectations for an increase of 61 billion cubic feet.
Natural Gas Technical Analysis
On the other hand, natural gas contracts reached strong support levels on the chart. Natural gas prices reached the price level of 4.780, which is a strong support level that natural gas could not cross to the bottom, for that this level is considered in addition to the 3.555 level The best levels of natural gas purchases for the coming period, as the price of natural gas is expected to rise during the winter season due to increased demand.
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