I recommended the advent of a seasonal peak on June 25, 2021, while writing my last analysis for those who were adamant to ignore a $1 move by natural gas futures from $3.334 to $3.434 on June 24, 2021.
Natural gas hit my price target on Sept. 1, 2021, which was the seasonal peak that I had defined for natural gas. Undoubtedly, Hurricane Ida had a devastating impact on natural gas production sites with long power outages in that area. No one knows exactly how long it will take to normalize.
Undoubtedly natural gas futures have been repeating the moves that we saw during 2018. Now, while the natural gas futures have tested a fresh high at $4.705, the next target at $4.867 could be tested or does a steep fall await here? Remember natural gas futures could make a decisive move before the end of this week.
Disclaimer: The author of this analysis does not have any position in Natural Gas futures. Readers are advised to take any position at their own risk; as Natural Gas is one of the most liquid commodities of the world.