Natural Gas Price Prediction – Prices Edge Higher Following Inventory ReportExpectations were for a 107 Bcf draw
Dec 17, 2020 11:19 PM GMT
Natural gas edged higher following a larger than expected draw reported on Thursday by the Department of Energy. The weather is expected to be cooler than normal on the east coast for the next 2-weeks while the weather is expected to be warmer than normal throughout most of the west coast.
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Technical Analysis
Natural Gas prices edged higher on Thursday pushing through resistance near a downward sloping trend line that comes in near 2.69. Support is seen near the December lows at 2.40. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. The MACD histogram is printing in positive territory with an upward sloping trajectory which points to higher prices.