Commodities Analysis by Investing.com (Barani Krishnan) covering: Natural Gas Futures, WisdomTree Natural Gas 1x Daily Short, TR/CC CRB Natural Gas, iPath® Bloomberg Natural Gas Subindex Total Return(SM) ETN. Read Investing.com (Barani Krishnan)'s latest article on Investing.
Modest storage addition of 88 bcf seen for week ended Oct. 6after the mid-$2 trap seen most of this year for America’s favorite heating and cooling fuel appears to have been breached for good.
“Gas futures are undergoing consolidation below the immediate resistance of $3.50. Momentum squeeze may be followed by a retest of the support areas of $3.27 and $3.17.”“The major outlook remains bullish, as long as the weekly close stays above the 50-week EMA, or Exponential Moving Average, of $3.35. That can bring the immediate upside target to the 200-week SMA, or Simple Moving Average, of $3.77.
EBW Analytics Group noted that storage injections proved seasonally light over much of the summer and into early autumn. Still not at all held their breath over current storage levels in gas, with some saying there was too much supply for this time of year.“Our seasonal assessment remains bearish due to elevated natural gas storage and production near record highs, slashing shortage risks – resulting in a vastly better-supplied market than in the last two autumns.”
“Gas storage levels outside the U.S. South Central region have been tracking near or above five-year high seasonal levels this year and may cause a reckoning in gas basis markets if winter turns out to be warmer than normal, as indicated by several forecasters,” the BofA team said.
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