Natural Gas on the Nymex had a volatile week before closing 0.2% lower than a week ago at $2.53. EIA confirmed on Thursday a rather average build of 114 Bcf in working underground stocks for the week ended Dec. 31. Total Inventory currently at 3,460 Bcf, 7.8% higher y/y, 6.3% above the 5-year average. Both percentages are looking steady since the beginning of the withdrawal season.
Price touched $2.25 on a continuation of this post-winter downtrend and bounced immediately over last week. We have warned twice in the past month that the market had another four tens of a dollar on the downside. We have taken more than 40% in profits since we identified a seasonal ceiling two months ago. We now want to confirm a lower resistance level around $2.60, we have anticipated range bound behavior and we are ready for another selling opportunity while trading directionally the near term charts, remaining vigilant for a fourth leg of this downtrend. Daily MACD crossed bearish and it will take a ton of a fresh green volume to overcome the latest resistance levels.
Fundamentals will remain negative for the U.S. Natural Gas for another year and every single market participant will look ahead at the end of the industry's consolidation. Shoulder contacts will soon be trading in larger volumes and will offer a better benchmark for 2022. We are not engaging in any buying activity when operating below the $3.00 level. U.S. macro data and the Dollar Index to be routinely monitored. Daily, 4hour, 15min MACD and RSI pointing entry areas. 
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Natural Gas Price Ranges Are Moving Lower
Published 01/02/2021, 09:20 AM
Updated 07/09/2023, 06:32 AM
Natural Gas Price Ranges Are Moving Lower
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