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Natural Gas: Short-Term Momentum Positive

By Antonio FerlitoCommoditiesJul 09, 2021 06:14AM ET
Natural Gas: Short-Term Momentum Positive
By Antonio Ferlito   |  Jul 09, 2021 06:14AM ET
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According to a report from the Department of Energy, natural gas prices moved higher on Thursday following a smaller than expected build in natural gas stockpiles. Tropical storm Elsa is moving up the East coast and is unlikely to impact any natural gas installations. The weather is expected to remain warmer than normal for the next two weeks on both the east coast and west coast of the United States, putting upward pressure on cooling demand.

Technical Analysis

Natural gas prices rebounded on Thursday, closing near a contract high. Support near the 10-day moving average at 3.61. Resistance on natural gas is seen near the July highs at 3.82. Short-term momentum has flip-flopped and turned positive as the fast stochastic generated a crossover buy signal. The RSI has moved back into overbought territory and is printing a reading of 72, above the overbought trigger level of 70, which foreshadows a correction. Medium-term momentum is neutral as the MACD (moving average convergence divergence) histogram is printing in positive territory with a flat trajectory reflecting consolidation.

Inventories Rise Less than Expected

According to EIA estimates, natural gas in storage was 2,574 Bcf as of Friday, July 2, 2021. This build represents a net increase of 16 Bcf from the previous week. Expectations were for a 52 Bcf build according to survey provider Estimize. Stocks were 551 Bcf less than last year at this time and 190 Bcf below the five-year average of 2,764 Bcf. At 2,574 Bcf, total working gas is within the five-year historical range

Natural Gas: Short-Term Momentum Positive

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Natural Gas: Short-Term Momentum Positive

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