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Natural Gas: Short-Covering Rally Ahead?

Published 10/11/2017, 08:12 AM
Updated 07/09/2023, 06:31 AM
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Since the news that BNP Paribas (PA:BNPP) – France's biggest listed bank – would no longer work with oil and natural gas companies, natural gas seems to have gained strength. This news may prove to be a big step toward capping growing nat gas stockpiles in the days ahead.

The bank’s intent to end the projects involve transportation and export of oil and gas from shale and oil sands. The news, ahead of natural gas inventories and as the dollar hovered near two-week lows, seems to be a strong supporting factor for the bulls.

I don't expect an uptrend move to a short-covering rally anytime soon, but will keep an eye on the Week of October 15, 2017.

Have A Nice Trading Time.

Disclosure: This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation. Past performance is not an indication of future results. All trading carries risk. Only risk capital you are prepared to lose.

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