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🚨 NDVA surged 43%. This AI Chipmaker Could Be Next See Analysis
Natural Gas: Reversal Likely to Begin Friday, Despite Large Storage Build
www.investing.com/analysis/natural-gas-reversal-likely-to-begin-friday-despite-large-storage-build-200638465
Natural Gas: Reversal Likely to Begin Friday, Despite Large Storage Build
By Satendra Singh | May 26, 2023 09:02AM ET Natural gas futures have managed to consistently stay above last week's high this week, even in the face of significant selling pressure owing to the absence of weather-induced demand.
Thursday’s bullish EIA storage report missed that implied production was lighter than the expected levels.
This week will be of great interest as we observe whether the pipeline flow data will effectively reflect a decline in production.
Though production appears to be lower than expected, exports remain soft at only near 12.5 bcf/day, and weather patterns continue to exhibit bearish tendencies, as the heat is not widespread enough to generate significant cooling demand in the United States until the first week of June.
On Friday, natural gas futures look ready for a sharp reversal after testing the day’s low at $2.422.
Technically, movements in the hourly chart indicate the advent of a reversal if prices hold above $2.676 before this weekly closing. The price trend since May 5, when natural gas tested a low at $2.032, provides evidence for a breakout shortly that could push prices above 2.777 once again.
The closing level of this week and the opening level of the following week will provide some solid cues about the next week’s directional movements when traders will experience the influence of the first week of June, which historically tends to repeat itself during the onset of summer demand.
I conclude that a downward move by natural gas futures up to $2.323 will provide a good opportunity to go long in today’s session.
Disclaimer: The author of this analysis does not have any position in natural gas futures. Readers should take a trading position at their own risk, as natural gas is one of the most liquid commodities in the world.
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Natural Gas: Reversal Likely to Begin Friday, Despite Large Storage Build
Comments (10)
ThAnOs
May 29, 2023 9:04AM ET
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣this 🤡🤡🤡🤡🤡is back again 🤣🤣🤣
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Phong Nguyen
May 29, 2023 12:53AM ET
Mr Singh, have you ever wondered why your guesses turned wrong 99% of the time ? Don’t you learn from your mistakes ???
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Vijay Gaurav
May 29, 2023 12:53AM ET
sir, what is you prediction for natural gas...???
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Phong Nguyen
May 29, 2023 12:53AM ET
Vijay Gaurav I think NG will hit 4+ by July
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Phong Nguyen
May 29, 2023 12:53AM ET
I think NG will hit 4+ by July
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BigDeal
May 28, 2023 8:02PM ET
If I trade against his predictions I will get very rich.
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Jay Means
May 28, 2023 8:04AM ET
Singh and bushless loser says up
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Jay Means
May 28, 2023 8:04AM ET
🤣
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Murabaa Genral
May 26, 2023 3:28PM ET
I dont read his article..
I read only comments
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Nick Smith
May 26, 2023 1:24PM ET
Dude, u must be making millions trading against your own advice?
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Nick Smith
May 26, 2023 1:24PM ET
I mean you are almost always wrong. It is as difficult as being almost always right.
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Matthew Moran
May 26, 2023 1:24PM ET
Nick Smith It's kind of strange how one can be so wrong so often. He literally would be better off flipping a coin.
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Nick Smith
May 26, 2023 1:24PM ET
No. He is wrong much more often than 50 %. It is amazing.
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Votonoit ay
May 26, 2023 12:49PM ET
this is so funny 🤣
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Matt Moran
May 26, 2023 12:40PM ET
Wrong again!
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jay pk
May 26, 2023 11:26AM ET
has this guy ever made a correct prediction?
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Matt Moran
May 26, 2023 11:26AM ET
Once in the last two months
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