Natural Gas Technical Analysis: Price Continues to Rise

Spot natural gas prices continued to rise in recent trading at intraday levels, to achieve new daily gains until the moment of writing this report, by 1.56%. It settled at the price of 8.420 dollars per million British thermal units, after its rise during trading on Friday. By 5.52%, the price rose for the third consecutive week, by 16.77%.

Nymex futures closed the week on the upside, rising 36.7 cents on Friday to settle at $8,299, up $1,283 from the previous week’s settlement of $7,016.

The US government’s smaller-than-expected weekly inventory report amplified storage adequacy concerns as it provided evidence that demand for refrigeration is depleting a significant portion of stocks after the extended outage at the Freeport LNG terminal.

The Energy Information Administration (EIA) on Thursday reported 32 billion cubic feet of natural gas was pumped into the United States during the week ending July 15, a reading that was on the upside from surveys pointing to an injection of up to 40 billion cubic feet.

Steve Walker

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